Latest news with #CommonwealthLNG
Gulf Business
a day ago
- Business
- Gulf Business
Mubadala Energy closes Caturus stake deal in US
Image: Supplied Abu Dhabi's Mubadala Energy has completed a strategic investment in US natural gas through a partnership with private equity firm Caturus is developing an integrated US natural gas and liquefied natural gas (LNG) export platform, combining upstream operations under Caturus Energy — previously Kimmeridge Texas Gas — with Commonwealth LNG, a planned 9.5 million tonnes per annum export terminal near Cameron, Louisiana. Commonwealth LNG has appointed Technip Energies for engineering, procurement and construction work and expects a final investment decision later this year. The project has signed long-term binding offtake deals with Glencore, Japan's JERA and Malaysia's PETRONAS. Deal marks Mubadala energy's entry into US energy market The deal marks 'Today's announcement is further evidence of our international growth strategy in action,' said Mansoor Mohammed Al Hamed, managing director and CEO of Mubadala Energy. 'The platform's 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.' Ben Dell, managing partner at Kimmeridge, said Mubadala Energy's investment was 'a strong endorsement of our strategy at Caturus' and that the partners aimed to create 'the only fully integrated natural gas independent'. As part of the deal, Mubadala Energy appointed COO Adnan Bu Fateem and SVP for Non-Operated Assets Khaled Al Tamimi to Caturus' board of managers. Bu Fateem said the company's active investment approach would help 'shape the strategic direction of this platform to ensure the commercial, operational and sustainability priorities are met.' The transaction closed after clearance from the Committee on Foreign Investment in the United States (CFIUS).
Zawya
2 days ago
- Business
- Zawya
Mubadala Energy closes strategic investment in U.S. natural gas and LNG sector with Kimmeridge
Mubadala Energy's active investment approach supports long-term plans to build a strategic position in the U.S.' integrated natural gas and LNG sector Abu Dhabi, United Arab Emirates – Mubadala Energy, the international energy company headquartered in Abu Dhabi, today announced the closing of its recently reported strategic investment in the U.S. natural gas sector through its partnership with Kimmeridge, the energy-focused alternative asset manager, and the rebranding of SoTex HoldCo to Caturus, in which Mubadala Energy now owns a 24.1% equity stake. Caturus is building the leading 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, a 9.5 mtpa liquefied natural gas export terminal to be located near Cameron, Louisiana. Most recently, Commonwealth LNG announced it has contracted Technip Energies to provide engineering, procurement and construction (EPC) services to build its state-of-the-art facility and anticipates receiving final investment decision later this year. The LNG project is proceeding with significant momentum following the signing of a series of long-term binding LNG offtake agreements with top-tier global purchasers, including Glencore, JERA and PETRONAS. The deal marks the first significant investment in the U.S energy market and reinforces Mubadala Energy's global growth strategy and further strengthens its position across the gas value chain. It also aligns with the company's commitment to playing a critical role in the energy transition by investing in low-emission energy sources. Commenting on this important milestone, Mansoor Mohammed Al Hamed, Managing Director & CEO of Mubadala Energy, said: 'Today's announcement is further evidence of our international growth strategy in action. The platform's 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.' Commenting on the deal closing, Ben Dell, Managing Partner at Kimmeridge said: 'Mubadala Energy's investment is a strong endorsement of our strategy at Caturus, and we're 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.' As part of the transaction, Mubadala Energy has appointed two representatives to the Caturus Board of Managers, including Adnan Bu Fateem, Chief Operating Officer and Khaled Al Tamimi, Senior Vice President, Non-Operated Assets at Mubadala Energy. The appointments reflect the company's hands-on, value-driven approach to partnership and governance. Adnan Bu Fateem, Chief Operating Officer at Mubadala Energy, added: "Mubadala Energy's investment approach helps create long-term value through active stewardship. We're looking forward to collaborating with the Kimmeridge and Caturus teams in shaping the strategic direction of this platform to ensure the commercial, operational and sustainability priorities are met." The closing follows the clearance of the voluntary filing submitted under the U.S. government's CFIUS (Committee on Foreign Investment in the United States). About Mubadala Energy Mubadala Energy is an international energy company, headquartered in Abu Dhabi. With a diversified portfolio of operated and non-operated assets spanning 11 countries, its primary geographic focus is in the Middle East and North Africa, United States, Russia and Southeast Asia. Mubadala Energy is a wholly-owned subsidiary of Mubadala Investment Company, which is owned by the Government of Abu Dhabi. The company's portfolio is around 70 per cent gas, with an average working interest production of approximately 370,000 barrels of oil equivalent per day. In line with Mubadala Energy's commitment to play an active role in the energy transition, the company is expanding across the gas value chain and actively pursuing opportunities in new energy sectors. About Kimmeridge Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager focused on the energy sector. The firm is differentiated by its direct investment approach, deep technical knowledge, active portfolio management, proprietary research, and data gathering.
Al Bawaba
2 days ago
- Business
- Al Bawaba
Mubadala Energy Closes Strategic Investment in U.S. Natural Gas and LNG Sector with Kimmeridge
Mubadala Energy, the international energy company headquartered in Abu Dhabi, today announced the closing of its recently reported strategic investment in the U.S. natural gas sector through its partnership with Kimmeridge, the energy-focused alternative asset manager, and the rebranding of SoTex HoldCo to Caturus, in which Mubadala Energy now owns a 24.1% equity stake. Caturus is building the leading 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, a 9.5 mtpa liquefied natural gas export terminal to be located near Cameron, recently, Commonwealth LNG announced it has contracted Technip Energies to provide engineering, procurement and construction (EPC) services to build its state-of-the-art facility and anticipates receiving final investment decision later this year. The LNG project is proceeding with significant momentum following the signing of a series of long-term binding LNG offtake agreements with top-tier global purchasers, including Glencore, JERA and PETRONAS. The deal marks the first significant investment in the U.S energy market and reinforces Mubadala Energy's global growth strategy and further strengthens its position across the gas value chain. It also aligns with the company's commitment to playing a critical role in the energy transition by investing in low-emission energy on this important milestone, Mansoor Mohammed Al Hamed, Managing Director & CEO of Mubadala Energy, said: 'Today's announcement is further evidence of our international growth strategy in action. The platform's 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.'Commenting on the deal closing, Ben Dell, Managing Partner at Kimmeridge said: 'Mubadala Energy's investment is a strong endorsement of our strategy at Caturus, and we're 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.'As part of the transaction, Mubadala Energy has appointed two representatives to the Caturus Board of Managers, including Adnan Bu Fateem, Chief Operating Officer and Khaled Al Tamimi, Senior Vice President, Non-Operated Assets at Mubadala Energy. The appointments reflect the company's hands-on, value-driven approach to partnership and governance. Adnan Bu Fateem, Chief Operating Officer at Mubadala Energy, added: "Mubadala Energy's investment approach helps create long-term value through active stewardship. We're looking forward to collaborating with the Kimmeridge and Caturus teams in shaping the strategic direction of this platform to ensure the commercial, operational and sustainability priorities are met." The closing follows the clearance of the voluntary filing submitted under the U.S. government's CFIUS (Committee on Foreign Investment in the United States).
Forbes
3 days ago
- Business
- Forbes
New ‘Well To Water' Gas Company Integrates From Fracking To LNG Exports
Private equity group Kimmeridge is combining assets into an integrated operator to be called Caturus. Rendering of the Commonwealth LNG project in Cameron, Louisiana. Courtesy Caturus Amid his whirlwind tariff talks, President Donald Trump in recent months has extracted promises from international leaders that their countries will recycle greenbacks into buying hundreds of billions worth of American energy. The European Union last month pledged to buy $700 billion of American energy products. In April the United Arab Emirates offered to invest $1.4 trillion into the U.S., up from about $70 billion today. Already on the hunt, Mubadala Energy (part of the UAE's $330 billion sovereign wealth fund) has acquired a 24% stake in a venture being launched by the $6 billion assets private equity group Kimmeridge. The new company, called Caturus Energy, is a tie up of two Kimmeridge investments — a Louisiana liquefied natural gas export project called Commonwealth LNG, plus the fast-growing natural gas driller Kimmeridge Gas Texas. The idea, says Kimmeridge co-founder Ben Dell, is to forge a gas business integrated 'from well to water.' The upstream side is run by Dave Lawler, former head of BP's onshore U.S. business, whose team has had success drilling and fracking ultradeep, high-pressure gas wells in area between Encinal and the border town of Laredo. They now produce 600 million cubic feet per day (the energy equivalent of 100,000 barrels of oil) from about 200,000 acres here that they spent two years acquiring. With more than 1,000 drilling locations, Lawler expects to double volumes by 2029. That would give Caturus enough gas to supply its eventual downstream needs — at Commonwealth LNG in Cameron, La. For a decade Kimmeridge has backed development of Commonwealth, which in February received its export license from the Dept. of Energy, followed by final authorizations from the Federal Energy Regulatory Commission in June. Caturus already has 20-year contracts with the likes of Glencore, Jera and EQT to take 6 million tons per year of the planned 9 million tpa capacity. Building it will require some $9 billion in project finance debt plus $2 billion or so in equity. Much of that will come from the UAE. Mubadala has invested an undisclosed amount so far for its 24% stake. To keep Mubadala Energy CEO Mansoor Mohamed al Hamed up to date, Kimmeridge this year opened an Abu Dhabi office to complement ones in New York and Denver. Kimmeridge cofounder Ben Dell. Courtesy Caturus Dell would love to see the LNG plant built in the United States, but that's unlikely. Labor constraints on the Gulf Coast make 'stick building' cost ineffective, so Caturus is leaning toward modular building approach. That's where big components are fabricated in a controlled factory environment, then bolted together on site. Dell says they are evaluating construction yards in China, Korea and Singapore; 'We want to support building in U.S. yards but some of these things can't be built in the U.S. in the next three to four years because the capacity doesn't exist.' It will be easier for Caturus to boost its gas production capacity. Lawler explains that their 14,000 foot deep wells will intersect multiple layers of gas-laden rock. The biggest player in the neighborhood is EOG Resources, which expects this corner of south Texas to produce 21 trillion cubic feet of gas. Kimmeridge formed Caturus out of assets from its fifth and sixth investment funds. According to Prequin data, Kimmeridge funds have delivered an average annualized 27% since 2012. Growth is as imperative as execution. The company failed last year in an attempt to acquire SilverBow Resources, but Dell sees plenty left to consolidate along the Gulf Coast. He says Kimmeridge didn't pay any consultants to come up with the Caturus name, which references a predatory fish that lived during the Jurassic epoch 150 million years ago. Forbes How This Billionaire Family Is Succeeding Despite The Collapse Of The American Shipping Industry By Christopher Helman Forbes How An Unassuming Geologist Cracked The Global Fertilizer Cartel By Christopher Helman Forbes Why Ramaco Says It Can Beat Its Government-Backed Rival For Rare Earth Supremacy By Christopher Helman
American Press
6 days ago
- Business
- American Press
Commonwealth LNG awards EPC contract to Technip Energies
Commonwealth LNG announced Monday it has contracted Technip Energies to provide engineering, procurement and construction (EPC) services for Commonwealth's 9.5 million tonnes per annum LNG facility under development in Cameron Parish. Technip Energies is a world leader in modular engineering, design and delivery of LNG projects. The company has delivered more than 20 percent of the world's LNG operating capacity, including the design and delivery of facilities and associated LNG infrastructure. Technip Energies previously completed front-end engineering and design activities for the Commonwealth LNG project. It has also undertaken significant effort to optimize Commonwealth LNG's construction schedule, cost, and the procurement plan for all aspects of the project. 'We are excited to continue working alongside Technip Energies as we build our state-of-the-art LNG export facility, a cornerstone of our integrated LNG strategy,' said Ben Dell, managing partner of Kimmeridge and chairman of Commonwealth. 'Technip Energies has been a valuable partner to Commonwealth, shares our commitment to operational excellence and will support our targeted production date of 2029. We look forward to delivering reliable, clean energy while creating lasting value for the local community.' 'We're pleased to have reached this critical milestone in our project's development as we expand our relationship with Technip Energies through the formal award of an EPC contract, that also includes Limited Notice to Proceed,' said Commonwealth LNG President and CEO Farhad Ahrabi. 'Utilizing Technip Energies' fully modular approach to construction as compared to the commonly used stick-built LNG facilities being developed in the US will enable us to ensure first class project execution with certainty of outcome on both cost and schedule for all our stakeholders.' 'We are honored to be awarded the Commonwealth LNG project which is a testament to our world leading expertise in modularized LNG solutions. This project is pivotal in enhancing global energy security by ensuring a reliable and efficient supply of LNG. We are eager to leverage our world-class experience in LNG projects associated with our SnapLNG by innovative modular and productized approach to contribute to the success of this critical energy initiative,' said Arnaud Pieton, CEO of Technip Energies. Commonwealth LNG anticipates a final investment decision on its LNG project in the second half of 2025 with LNG production commencing in 2029.
