(Reuters) – U.S. liquefied natural gas (LNG) developer Tellurian Inc. 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. A deadline for submitting bids for the property is today, one of the people said.
Analysts have said the gas production business could be worth $365 million. 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)
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