LOGA Weekly Drilling Report
Become a MemberCheck Out Our Online Videos

Subscribe Subscribe: News

The developer of a liquefied natural gas export facility in southwest Louisiana won approval for a controversial tax break that could reach more than $2 billion over 10 years, potentially the largest exemption awarded in the state’s history.

The Louisiana Board of Commerce and Industry voted in favor of the exemption for Driftwood LNG LLC, a subsidiary of Tellurian Inc., on Friday. A spokesman for Gov. John Bel Edwards said he will sign off on it.

The exemption is for a $15.9 billion LNG export facility that is expected to create 300 jobs, according to Louisiana Economic Development Secretary Don Pierson. It is expected to create 6,400 temporary construction jobs.

In the first year alone, the tax break will be worth an estimated $283.7 million.

Click HERE to read more ...