Report
Nicolay Dyvik
EUR 183.86 For Business Accounts Only

Tellurian (Buy, TP: USD13.70) - Petronet taking 5mtpa

On Saturday, Tellurian said it had signed an MOU with Petronet (India’s largest LNG importer) for “up to 5mtpa” in a transaction that could significantly de-risk the investment case in our view. 8mtpa of the required 12mtpa has now been invested. The FID now looks to have been pushed from 2019 to 2020, but first LNG is still expected by Tellurian in 2023. We believe the share price could move 10–20% today on the news.
Underlying
Tellurian Inc.

Tellurian is developing a portfolio of natural gas production, liquefied natural gas (LNG) marketing, and infrastructure assets that includes an LNG terminal facility (the Driftwood terminal), and three related pipelines (the Pipeline Network). The proposed Pipeline Network will consist of three pipelines, the Driftwood pipeline, the Haynesville Global Access Pipeline and the Permian Global Access Pipeline. The Driftwood pipeline interconnect with existing interstate pipelines throughout southwest Louisiana to secure adequate natural gas feedstock for the Driftwood terminal. The Driftwood pipeline will be comprised of pipeline segments and compressor stations.

Provider
DnB Markets
DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Analysts
Nicolay Dyvik

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