Kimmeridge Energy Management Co LLC and Mubadala Investment Co said Tuesday they had finalized long-term agreements with buyers for supply from the Commonwealth LNG project in Cameron Parish, Louisiana.

“With commercialization finalized, the launch of the financing process with lenders is set to begin as the company [the Caturus HolCo LLC joint venture] advances the project toward a Final Investment Decision anticipated in the coming weeks”, a joint statement said.

The agreements have been executed with Aramco Trading Americas LLC, EQT LNG Trading LLC, Glencore Ltd, Mercuria Energy Trading SA, PETRONAS LNG Ltd.

“These commitments from high-quality international partners are a testament to their confidence in the Commonwealth project and our ability to deliver a facility instrumental to their needs in serving the global energy market”, said David Lawler, chief executive of Caturus, the Kimmeridge-Mubadala joint venture.

“Our LNG export capability will be a key component of Caturus’ wellhead-to-water strategy in building the nation’s leading independent integrated natural gas company”.

Expected to start operation 2030, Commonwealth LNG holds federal authorization to ship up to 9.5 million metric tons a year of LNG, equivalent to around 1.21 billion cubic feet per day of gas. The United States Energy Department granted the project authorization to export to countries without a free trade agreement (FTA) with the U.S. August 2025 and FTA authorization April 2020.

Caturus expects to invest $12.5 billion in the first phase, which it says would generate around $3.5 billion in annual export revenue.

“Caturus has authorized purchase orders via Commonwealth LNG engineering, procurement and construction partner Technip Energies to commence manufacturing of long-lead major equipment for the Commonwealth LNG facility”, Tuesday’s statement said. “This includes Baker Hughes for six mixed-refrigerant compressors driven by LM9000 gas turbines; Honeywell, to supply six main cryogenic heat exchangers; and Solar Turbines, providing four Titan 350 gas turbine-generators.

“The execution phase is now underway with a series of Limited Notices to Proceed that maintain project schedule and project cost. Subcontracts have been awarded for site preparation and surge wall development, as well as marine and material offloading facilities”.

Caturus launched last year as a rebranding of Kimmeridge’s SoTex HoldCo LLC following Mubadala’s acquisition of a 24.1 percent stake in SoTex. The acquisition marked Mubadala’s entry into the United States, according to the Emirati sovereign investor.

“In addition to progress made on the Commonwealth LNG project, Caturus expects to close its transaction announced in February for the acquisition of SM Energy Company’s Galvan Ranch assets in the near term”, Tuesday’s statement added. The acquisition includes approximately 60,000 high-quality net acres in South Texas and ~250 MMcfed [million cubic feet equivalent per day] of production from 260 producing wells.

“With the addition of these assets, Caturus expects to be producing approximately one billion cubic feet equivalent per day net and rank among the top 10 private U.S. gas pure-play producers”.

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