US LNG developer Tellurian sends production workers home amid sale talks (updated)

Tellurian

01/05/2024 19:15

(Adds context and background at paragraphs 3, 4 and 7.)
       May 1 (Reuters) - U.S. liquefied natural gas (LNG)
developer Tellurian Inc.  TELL.A  has sent home more than a
dozen workers from its upstream gas production business,
according to three people familiar with the matter.
    The Houston-based company has been holding talks with
potential buyers to sell its Haynesville shale gas business to
raise capital for its proposed Driftwood LNG export plant.
    Tellurian has said it was evaluating several bids for the
property, and the people familiar with the matter said the firm
expects to make a decision in the coming weeks. It could not
immediately learned what companies held talks.  
        In February, Tellurian officials said it is 
    exploring the sale
     of its Haynesville upstream business to raise capital for
its Driftwood LNG project. Weak natural gas prices could
    
      
    
    
      
    
    could get
     for its asset, analysts have said.
  
    The gas production business could be worth up to $365
million, analysts have estimated. However, U.S. natural gas
prices have fallen significantly from 2022 levels and traded on
Wednesday at about $1.94 per million British thermal units
(mmBtu) down from an average of $6.50 per mmBtu for 2022.

 (Reporting by Curtis Williams in Houston and Tanay Dhumal in
Bengaluru)
 ((Gary.McWilliams@thomsonreuters.com; +1 469-691-7668;))