U.S. gas producer Tellurian reports four-fold increase in production

Feb. 22 (UPI) -- The amount of natural gas produced from U.S. shale basins during the fourth quarter was a fourfold increase over the same period in 2021, Tellurian said Wednesday.

Putting 13 new wells in the Haynesville shale reserve into production during the period, Tellurian reported that total natural gas production increased from 55 million cubic feet per day (MMcfd) to approximately 225 MMcfd over the three-month period ending in December.

Haynesville is the third-largest shale natural gas producer in the United States, accounting for about 15% of the total natural gas production from the seven primary inland shale basins.

Total proved reserves for Tellurian, meanwhile, increased by more than 100 billion cubic feet (Bcf) from year-end 2021 to 445 Bcf feet during the fourth quarter.

"We have also significantly increased our natural gas production and reduced carbon impact through nature-based solutions," President and CEO Octavio Simoes said. "At the same time, we are diligent in our search to secure a financing package to support long-term returns for shareholders."

The company reported a net loss of $48.9 million during the fourth quarter, compared to a $114.7 million loss during the same period in 2021. But it's already invested $1 billion toward bringing its planned Driftwood liquefied natural gas export facility to the construction phase.

The plant would be situated near the coast of Louisiana and have the capacity to export 1.3 Bcf in liquid form each year, which would represent about 14% of total U.S. exports of LNG currently.

The company's total natural gas assets cover more than 27,000 acres and include 143 wells that are already in production. The United States, meanwhile, is on pace to surpass Australia and Qatar this year to become the world's leading export of LNG.