UAE-headquartered Mubadala Energy, a wholly-owned subsidiary of Mubadala Investment Company owned by the government of Abu Dhabi, has closed the acquisition of an interest in a subsidiary of energy-focused alternative asset managerย Kimmeridge.
Rendering of Commonwealth LNG; Source: Commonwealth LNG
Thanks to the acquisition, Mubadala now has a 24.1% equity stake in SoTex HoldCo, which has been rebranded to Caturus. The latter is developing a liquefied natural gas (LNG) export facility, Commonwealth LNG, in Louisiana. This follows the announcement of the investment in April.
Ben Dell, Managing Partner at Kimmeridge, noted: โMubadala Energyโs investment is a strong endorsement of our strategy at Caturus, and weโre excited to collaborate in bringing the only fully integrated natural gas independent to life. Together, we will drive innovation across the LNG industry through a powerful and responsible platform, contributing to a cleaner, more sustainable energy future.โ
Caturus plans to build an integrated natural gas and LNG export platform in the U.S. through a combination of its upstream operations under Caturus Energy, formerly Kimmeridge Texas Gas, and via Commonwealth LNG. The latter is a 9.5 million tonnes per annum (mtpa) export terminal that is proposed to be built near Cameron, Louisiana.
Mansoor Mohammed Al Hamed, Managing Director & CEO of Mubadala Energy, said: โThe platformโs integrated and responsible approach aligns with our plans to invest across the gas value chain in key global energy hubs where we can play a proactive role in balancing energy security and transition priorities while creating long-term value for our shareholder. We look forward to continuing our work alongside the Caturus and Kimmeridge teams.โ
As part of the transaction, Mubadala Energy has appointed two representatives to the Caturus board, including Adnan Bu Fateem, Chief Operating Officer (COO), and Khaled Al Tamimi, Senior Vice President, Non-Operated Assets at Mubadala Energy.ย
Dave Lawler, who previously served as Chief Executive Officer (CEO) of Kimmeridge Texas Gas, will assume the same role at Caturus. Lawler was previously Chairman and President of BP America and led BPX Energy, BPโs U.S. onshore oil and gas business. Bryan Gunderson will be the Caturusโ new Chief Financial Officer (CFO), and Brian Cain Chief Corporate Affairs Officer.
Commonwealth LNG recently tapped Technip Energies to provide engineering, procurement, and construction (EPC) services to build its export facility. A final investment decision (FID) is expected to be received later this year.ย
After securing offtake agreements with global players, includingย Glencore,ย JERA, andย Petronas, the project recently receivedย a final orderย from the Federal Energy Regulatory Commission (FERC), upholding the terminalโs export authorization.
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