Woodside Energy will buy US-based energy company Tellurian, expanding its liquefied natural gas portfolio.
The Australian company said on Monday it would pay $900mn cash in the deal, which gives Woodside the Driftwood LNG development in Louisiana.
The transaction has an enterprise value of $1.2bn, Woodside said in a statement.
“The acquisition of Tellurian and its Driftwood LNG development opportunity positions Woodside to be a global LNG powerhouse,” said Woodside chief executive Meg O’Neill.
Woodside said the acquisition would add LNG production capacity of 10mn tonnes per year.
“This transaction provides substantial and certain value for our shareholders,” said Martin Houston, Tellurian’s board chairman.