(Bloomberg) -- Tellurian Inc. is in discussions with Saudi Aramco and Woodside Energy Group Ltd. over the two companies investing in its liquefied natural gas export project in Louisiana, according to people familiar with the matter.

The US LNG developer has reviewed various equity investment offerings from the energy companies related to its proposed Driftwood plant, said the people, who asked not to be named as they're not authorized to speak to the media. They said the potential deal may include MidOcean Energy LLC, a subsidiary of investment firm EIG Global Energy Partners, in which Aramco holds a stake.

Last week, Tellurian reached a deal to sell some shale assets to Aethon Energy Management LLC in a bid to push forward with the long-delayed Driftwood plan. Co-founded by US LNG export pioneer Charif Souki, who has since been ousted from the company, Tellurian had previous supply agreements with companies including Shell Plc, Gunvor Group and Vitol SA, but they were terminated due to the project's slow progress.

BloombergNEF, which rates the likelihood of LNG export projects, earlier this year called Driftwood's future "uncertain," signifying a low probability of getting greenlit. Saudi Arabian Oil Co., as Aramco is formally known, is looking to expand in natural gas. The government sold about $12 billion of shares on Sunday, with some of the proceeds earmarked to diversify the kingdom's economy away from oil. Woodside, Australia's largest oil and gas producer, has also been in talks to invest in other US LNG export projects, including Energy Transfer LP's plant in Louisiana.

It's unclear how Aramco and Woodside would split equity and offtake from the proposed 27 million ton per year Driftwood facility. The plant is fully permitted and isn't affected by President Joe Biden's pause on approvals for new LNG export projects.

Discussions with energy behemoths like Saudi Aramco and Woodside Energy Group Ltd. suggest that Tellurian Inc.'s Drift fluorescent could represent a significant strategic pivot for these investors as they seek to bolster their portfolios with natural gas assets. The growing global demand for cleaner fuels has put LNG in sharp focus, aligning with energy transition strategies that major oil companies have been gradually adopting.

Natural gas is viewed as a bridge fuel between coal and renewable energy sources, and this positions ventures like Driftwood as crucial elements in the complex transition towards low-carbon economies. This perspective is part of what could be enticing Aramco and Woodside to consider meaningful investments in the facility. With Aramco's long-term plans involving a diversification of its energy mix, partnerships with established LNG projects could prove instrumental in helping the kingdom meet its objectives.

For Woodside, the interest in Driftwood and other US LNG developments indicates a similar alignment with broader industry trends. The Australian heavyweight's pursuit of overseas investments is seen as a means to diversify and leverage international opportunities in LNG, a commodity that has increasingly become vital in the Asia-Pacific region, a key market for Australia's gas exports. Woodside's expertise and track record in LNG operations could thus contribute significantly to the success of the Driftwood project.

The pullback of former partners such as Shell and Gunvor suggests there are complexities and risks involving the Driftwood project that new investors would need to navigate. Financing large-scale energy infrastructure projects has become more challenging in recent years, as investors have become increasingly cautious about fossil fuel ventures in light of climate change concerns and the need for sustainable energy solutions.

However, Tellurian's recent asset sale to Aethon Energy Management LLC indicates its commitment to making the Driftwood LNG export project more appealing to potential investors. The move could provide the necessary impetus to reduce debt and funnel capital toward the development of the facility, a strategy often seen as a prelude to solidifying larger investment deals.

Given the scale of the proposed 27 million ton per year Driftwood facility, a successful equity and offtake agreement with companies like Aramco and Woodside could have a considerable impact on the global LNG market. The facility's fully permitted status also makes it a rare opportunity for investors, especially since it is insulated from the uncertainties caused by the Biden administration's current stance on new LNG project approvals.

The involvement of MidOcean Energy LLC, with its link to EIG Global Energy Partners and Aramco, could provide another layer of financial and operational strength to the project. Such a consortium of established energy players might also inspire confidence in other stakeholders and the market at large, potentially reigniting interest in a project that BloombergNEF once deemed uncertain.

This series of negotiations and dealings is unfolding in a context where energy transition, market dynamics, and geopolitical considerations have become increasingly interconnected. As such, the outcomes will not just shape the prospects of Tellurian's Driftwood project, but may also offer insights into the evolving strategies of major energy companies in the face of a rapidly changing global landscape.