Petronet LNG, ONGC Videsh mulling stake purchase in Tellurian’s Driftwood project

Reportedly, Petronet LNG and ONGC Videsh Limited (OVL) are jointly considering buying a stake in Tellurian, Inc.’s proposed Driftwood project in Louisiana, USA. Tellurian is offering a 60-75 per cent equity interest in Driftwood Holdings. India is expanding its pipeline network and building new liquefied natural gas (LNG) import terminals to boost use of natural gas in the country. Petronet LNG is also in talks with several other players for buying a stake in assets spanning from drilling to dispensing of oil near the wellhead itself. This move is expected to deliver gas at cheaper prices to India on a longer-term basis.