Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that its wholly owned subsidiary Driftwood Pipeline LLC has submitted a formal application with the Federal Energy Regulatory Commission (FERC) to construct and operate Line 200 and 300, an approximately 37-mile, dual 42-inch diameter interstate pipeline that will originate near Ragley in Beauregard Parish, Louisiana and end near Carlyss in Calcasieu Parish, Louisiana. The new pipeline has been designed and routed to connect the supply located 21 miles north of Lake Charles to the demand located within and south of Lake Charles, bypassing what has become a constrained, complex and expensive transportation pathway.
As part of the design, Driftwood Pipeline is proposing to deploy Baker Hughes-supplied electric-driven compression, thereby reducing the pipeline's carbon dioxide emissions by more than 99%. The proposed pipeline project, coupled with other strategic steps Tellurian is taking, will lead to nearly a one million tonne reduction per year in direct greenhouse gas emissions (a 14% overall reduction).
President and CEO Octávio Simões said, "This new and completed pipeline design provides definitive and measurable results for emissions reduction and is another step in Tellurian's overall strategy to support and balance the world's energy needs and environmental concerns."
"Tellurian has demonstrated our commitment to providing a cleaner energy source for the growing global population through early support of impactful environmental studies, new infrastructure design with advanced materials, and leading environmental procedures for our upstream operations. In addition, our latest commercial agreements have included provisions for tracking and documentation of liquefied natural gas cargo emissions. Tellurian will continue to explore ways to collaborate with the U.S. Administration and contribute to its plan for a cleaner climate with a focus on upending energy poverty domestically and abroad," Simões added.
Tellurian has advocated for multiple environmental improvement efforts and contributed nearly $3 million to financially support Columbia University's Center on Global Energy Policy and its mission to advance actionable energy and climate solutions through research and education; a multi-sponsor study of hydrogen market formation by the Energy Futures Initiative led by former Secretary of Energy Ernest Moniz; and the University of Texas at Austin, which is conducting an energy life-cycle analysis. Operationally, Tellurian currently owns and operates upstream assets in the dry gas Haynesville shale formation and conducts emissions monitoring and green completions as part of our continued efforts to understand, report and minimize greenhouse gas emissions.
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol "TELL". For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words "anticipate," "assume," "believe," "budget," "continue," "estimate," "expect," "forecast," "initial," "intend," "may," "plan," "potential," "project," "proposed," "should," "will," "would," and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the proposed pipeline and its benefits, reductions in emissions, and policy efforts. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2020, and other Tellurian filings with the Securities and Exchange Commission, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
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EVP Public and Government Affairs
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