Mubadala Energy buys 24.1% stake in major US upstream gas and LNG operator
Mubadala Energy, the Abu Dhabi-headquartered international energy company, on Thursday signed an agreement with Kimmeridge, the energy-focused alternative asset manager, to acquire a 24.1 per cent interest in Kimmeridge's SoTex HoldCo LLC, via the issuance of new equity.
SoTex holds two portfolio companies: Kimmeridge Texas Gas, which operates an upstream unconventional gas business in the Eagle Ford in South Texas, and Commonwealth LNG, which owns the 9.3 million metric tonnes per year (MTPA) pre-FID LNG liquefaction and export facility strategically located at the mouth of the Calcasieu Pass in Louisiana. Through SoTex, Kimmeridge is building America's first integrated gas independent to deliver low-cost natural gas from wellhead to water and meet burgeoning demand for responsibly-produced LNG across global markets.
Kimmeridge Texas Gas' current net production is over 500 MMcfe/d, which is expected to grow organically to 1.5 Bcfe/d by 2031, while Commonwealth LNG is finalising key pre-FID workstreams ahead of taking FID later this year with first offtake from the LNG plant planned for 2029.
Dr Bakheet Al Katheeri, Chairman of the Mubadala Energy Board and Chief Executive Officer, UAE Investments Platform, Mubadala Investment Company, commented: 'Through this partnership and our entry into the US, we are to further build on our leading role in building energy champions that deepen our position in the global economy. We are delighted that Mubadala Energy has finalised this equity investment with Kimmeridge to enable the development of key gas projects in the US Gulf Coast. As the company's first major investment in the US, this transaction positions Mubadala Energy for accelerated growth across the gas value chain in one of the world's most important and attractive energy hubs.'
Marking Mubadala Energy's entry into the US market, this equity investment bolsters the company's ambitious growth plans to invest across the gas value chain in key energy hubs around the world and acts as a major addition to its existing global gas portfolio. Moreover, with the company's goal of playing a proactive role in the energy transition by supporting major gas projects as a bridge to a lower carbon energy future, this investment is in line with the UAE's 2050 net zero ambition.
Mansoor Mohamed Al Hamed, Managing Director and CEO, Mubadala Energy, said: 'As our first major investment in the US this transaction offers a significant platform for future growth in one of the world's most important energy hubs. The investment also highlights our strong position to accelerate our expansion across the gas value chain and build on our strategic international portfolio. We're excited about the long-term opportunities this partnership offers, in line with our strategy to play a proactive role in the energy transition and grow our global gas portfolio.'
Ben Dell, managing partner of Kimmeridge, added: 'Mubadala's investment and unwavering support represent a significant milestone in the realization of our wellhead-to-water strategy, accelerating Commonwealth LNG's path to Final Investment Decision. We extend our sincere gratitude to the Mubadala Energy team for their invaluable partnership and collaboration as we work together to drive energy innovation and accelerate the transition to a cleaner, more sustainable energy future.'
With US LNG supply expected to grow to approximately 33 per cent of the global market by 2050*, this investment is a strategic play in one of the world's most important gas hubs. In addition, world class infrastructure and a highly liquid M&A market ensure attractive long-term prospects in the region, supported by energy demand trends in areas such as AI data centre development.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
3 hours ago
- Khaleej Times
Labubus in UAE: Monster doll-themed ice creams, cakes now 'best sellers' across stores
What started as a quirky little character from Hong Kong has now become a craze in the UAE. Labubu, the mischievous creature with spiky hair, wide eyes, and a cheeky smile, has made its way into the hearts and homes of residents across the country. From toys and keychains to cakes, ice cream, and even chocolates, Labubu is everywhere. 'I had no idea what Labubu was until my daughter turned seven,' said Misha Fernandes, a resident of JLT. 'She wanted a Labubu cake for her birthday, and when I got her one, the reaction from her and her friends was priceless. They didn't even want to cut the cake because it looked too cute.' Themed cakes have become a huge hit, with bakeries across the UAE receiving frequent orders for Labubu-inspired designs. Occasions Cakes UAE and Gateau Gourmet are offering custom creations, with prices starting at Dh200. Customers can place orders online and get them delivered to their doorstep. But it's not just cakes. Head to any supermarket or discount store, and you are likely to spot Labubu keychains hanging near the checkout counters. They range from Dh3 to over Dh300, depending on the size and quality. Some are plush, some are plastic, and others even have lights or sound effects. 'It's not just the kids who are crazy about Labubu,' said Abdul Rahman, a father of two from Muweilah. 'Even I have started noticing how cute it is. We bought Labubu-shaped ice creams last week, and the kids were over the moon. It's such a fun way to enjoy dessert.' Labubu ice creams are available at the Frozen Factory and have become a hit at birthday parties and family gatherings. According to a staff member at the Al Zahia branch, the ice cream is flying off the shelves. 'We have seen a sharp rise in customers coming in just for Labubu ice cream,' said a salesperson. 'Parents come in with their kids, and some even call ahead to check if it's in stock. It's become one of our best sellers.' Soft toys are another hot item. Labubu plushies of all sizes are now common in supermarkets and toy shops. While some are official merchandise, others are local versions made to resemble the beloved character. In Sharjah, a well-known discount centre has become a hotspot for Labubu fans. 'Every single day, people come in asking for Labubu toys, snacks, and keychains,' said Hameed Shukur, a salesman at the store. 'We restock constantly, and still, it's hard to keep up with the demand.' What makes Labubu so appealing? For many, it's the character's expressive design and playful energy. For others, it's the growing trend on social media, where influencers showcase Labubu-themed hauls, gifts, and decorations. 'My son carries a Labubu keychain on his school bag, and now his whole class wants one too,' said Arfa, a resident of Abu hail. 'It's cute, harmless, and makes the kids happy.' As Labubu fever continues to spread, it's clear this little creature has found a big fan base in the UAE. Whether it's a cake, a plush toy, or a scoop of ice cream, Labubu has become more than just a trend.
Arabian Business
4 hours ago
- Arabian Business
UAE airports slash check-in to departure times to just 12 minutes with facial recognition and AI
Airports in the UAE are using biometric technology, facial recognition and advanced AI to enhance passenger journeys and cut down waiting times. Selim Bouri, President for the Middle East and Africa (MEA) at airport technology company SITA, said airports in the UAE, particularly those in Dubai and Abu Dhabi, have established new global benchmarks in innovation, efficiency and passenger experience. He noted the country's clear commitment to digitalisation and the adoption of cutting-edge technologies, particularly in light of the increasing challenge of managing growing passenger volumes. UAE airport technology Bouri explained that SITA works closely with UAE airports to understand their unique needs and opportunities, providing tailored technology solutions, pointing to the implementation of the Smart Travel system at Zayed International Airport in Abu Dhabi—a fully integrated platform for biometric identity processing. This system, he noted, reduces congestion and waiting times while enhancing airport capacity to handle the rising number of international flights. Zayed International Airport experienced strong growth in flight traffic in 2024, making it essential to adopt digital solutions to meet this surge. Bouri described the airport's experience as a testament to the value of advanced biometric processing, highlighting that since the opening of its new terminal in November 2023, the airport has processed more than one million passengers using facial recognition. This has created a unique digital identity for each traveller, enabling a seamless journey from check-in to departure, including border control, in under 12 minutes. The success of the Smart Travel system at Zayed International Airport, he added, paves the way for its adoption at other airports across the UAE. On future technologies passengers can expect at UAE airports, Bouri said that the country's travel experience is increasingly powered by smart solutions that provide efficiency and convenience. He revealed plans to expand biometric processing across airport checkpoints, delivering a fully contactless passenger experience. Self-service technologies, he said, will be a core focus area in the coming years. These include self-check-in kiosks, automated baggage-drop services, and smart boarding gates, all aimed at reducing congestion and streamlining travel procedures. Cybersecurity also remains a top priority within the UAE's airport digital strategies. Bouri emphasised that smart innovations will play a key role in boosting efficiency, minimising waiting times, enhancing safety and reinforcing the UAE's status as a leader in smart, integrated airport systems. He added that the coming decade will witness a significant increase in the deployment of next-generation communication technologies within airports. This will create a highly integrated smart airport ecosystem and flight operation network. Bouri discussed the impact of 5G networks on enabling seamless device-to-device communication, benefitting passengers, systems and operations through improved ground connectivity. He also pointed to future support for sixth-generation network technologies and advanced wireless internet services. Airports, airlines and governments in the Middle East, known for their leadership in innovation, are investing heavily in the latest technologies to enhance passenger experience and streamline airport operations. These include biometric processing systems and e-gates backed by strategic initiatives and major investments. Addressing the role of artificial intelligence and big data in improving flight management and reducing delays, Bouri explained that although airports, airlines and partners generate vast amounts of data, it is not always fully understood or leveraged. Over the next decade, he said, future-ready airports will increasingly rely on big data, predictive analytics and advanced platforms to achieve peak operational efficiency. The growing role of AI and robotics, he clarified, does not eliminate the human factor but rather fosters smart collaboration between people and technology. Bouri concluded that the next decade will see AI extend to more sectors, including: Enhancing flight scheduling Personalised communication with passengers Operations centre support Predictive maintenance Multilingual assistance Automated baggage handling Reduced fuel consumption for autonomous vehicles
The National
12 hours ago
- The National
Timeframe: When the world's first 'gold to go' ATM was launched at Emirates Palace
On May 12, 2010, the Emirates Palace hotel in Abu Dhabi, now known as Emirates Palace Mandarin Oriental, introduced the world's first gold-dispensing ATM. Known as Gold to Go, it was developed by the German company Ex Oriente Lux. The ATM sold 24-carat gold bars and coins directly to users. Within a day of being unveiled, the machine sold out. Although capable of holding up to 300 pieces, the gold ATM carried only 100 for its debut, said Thomas Geissler, the chief executive of Ex Oriente Lux. The first piece of gold, a one-ounce bar, was presented as a token of respect to Sheikha Fatima, Mother of the Nation. On the day of the unveiling, two men each spent almost Dh20,000 buying each of the 10 gold products on offer, The National reported at the time. Mohamed Al Foulathi, an engineer and businessman who was an investor with Gold To Go, said then that the idea was to develop the device and expand across the region and beyond. "Anything to do with gold has to come to Abu Dhabi and then go on through to the world," he said. The machine dispensed 24-carat gold bars in a range of sizes, including 1, 5, 10, 20, 50, 100 and 250 grams, as well as one-ounce options. It also offered gift boxes containing gold coins embossed with designs such as the South African Krugerrand, Canadian maple leaf and Australian kangaroo. Each gold bar was sealed in plastic with an anti-counterfeit hologram and included details of its purity, price per gram and the company's 10-day return policy. Prices were updated every 10 minutes based on real-time gold market rates. The ATM itself was gold-plated, matching the opulence of the Emirates Palace Hotel. The machine was equipped with advanced security features, including anti-money laundering software and a robust physical structure designed to resist tampering. It also had an automatic shutdown mechanism in case of malfunction. Two more machines were installed in Dubai, one at Atlantis, The Palm in 2011 and another in Souk Madinat Jumeirah in 2013. The machines could also be found around the world, with three in the US and Germany, two in Portugal and one each in Italy, Switzerland and the UK. The Abu Dhabi gold ATM had been removed by 2016 and the two in Dubai were taken out by 2017.
