Latest news with #SoTex
Zawya
14-05-2025
- Business
- Zawya
Mubadala-backed Fortress and Kimmeridge set up Abu Dhabi outposts
The US-based Fortress Investment Group and alternative asset manager Kimmeridge have announced plans to set up offices in Abu Dhabi, the latest in a series of high-profile names setting up outposts in the region to attract clients from across the region. Fortress, which is backed by Abu Dhabi sovereign investor Mubadala, has announced plans to open a new office in the Abu Dhabi Global Market (ADGM). The opening follows the April 2025 announcement of a $1 billion partnership between Mubadala Investment Company and Fortress, focused on credit and special situations co-investment opportunities. Drew McKnight, Co-Chief Executive Officer and Managing Partner at Fortress, said the Abu Dhabi hub was part of their plan of looking at the Gulf region as a long-term investment and capital partner. The opening of the Kimmeridge office in Abu Dhabi also follows on from Mubadala Energy's deal with the energy-focused alternative asset manager in April to acquire a 24.10% interest in Kimmeridge's US upstream and LNG player SoTex. (Writing by Bindu Rai, editing by Seban Scaria)
Yahoo
05-05-2025
- Business
- Yahoo
Commonwealth LNG Signs 20-Year Sale and Purchase Agreement with Major Asian Buyer
HOUSTON, May 5, 2025 /PRNewswire/ -- Commonwealth LNG ("Commonwealth") announced today that it has signed a Sale and Purchase Agreement with a major Asian energy company ("Buyer"). Under the agreement, Buyer will purchase 1 million tonnes per annum (mtpa) of LNG for 20 years from Commonwealth's 9.5 mtpa facility currently under development in Cameron, Louisiana (the "Project").1 "This offtake agreement marks another important milestone for Commonwealth as we work toward a final investment later this year and first offtake planned for 2029," said Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth. "We look forward to working with this Buyer, a longstanding leader in LNG, as we further our integrated wellhead-to-water strategy in delivering LNG to critical markets around the world." Commonwealth's phase 1 development is expected to bring an investment of more than $11 billion to Louisiana and generate an estimated $3.5 billion in annual export revenue. The project is expected to employ approximately 2,000 workers at the peak of construction and provide approximately 275 high-paying jobs when the facility begins operations in late 2029. This Buyer is one of the world's leading energy corporations, operating comprehensively across the oil and gas value chain from upstream to downstream. In the liquefied natural gas (LNG) sector, this Buyer is currently one of the largest global suppliers of LNG. "We look forward to building and strengthening our partnership with this Buyer in mutually beneficial ways as we progress on our journey," said Commonwealth President and CEO Farhad Ahrabi. "We're committed to building and creating a safe, reliable, efficient, and well-governed LNG operating company." Commonwealth is owned by Kimmeridge SoTex Holdco LLC ("SoTex"), which was founded by Kimmeridge, an asset manager focused on the energy sector. Through SoTex, which also holds an upstream natural gas development company called Kimmeridge Texas Gas, 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. The SPA will become fully effective upon the satisfaction of customary conditions, including an affirmative final investment decision on the Project. About Commonwealth LNGCommonwealth LNG is a 9.5 mtpa liquefied natural gas (LNG) export terminal project located on the Calcasieu River on the Gulf Coast near Cameron, Louisiana. The project's leadership team is committed to building a world-class LNG facility by staying relentlessly focused on managing risk and lowering About KimmeridgeFounded 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. Media Inquiries: Commonwealth LNGLyle HannaVP, Corporate Communications281-794-9606lhanna@ 1 On April 28, 2025, Commonwealth terminated the two LNG sale and purchase agreements with Woodside Energy Trading Singapore Pte Ltd executed on 2 September 2022 pursuant to their terms. View original content to download multimedia: SOURCE Commonwealth LNG Sign in to access your portfolio
Zawya
14-04-2025
- Business
- Zawya
Mubadala Energy supports global expansion plans via stake acquisition deal with Kimmeridge
UAE: Mubadala Energy has signed a deal with Kimmeridge, the energy-focused alternative asset manager, to acquire a 24.10% interest in Kimmeridge's SoTex HoldCo LLC (SoTex). The transaction, which will be implemented via the issuance of new equity, marks Mubadala Energy's entry into the US market, according to a press release. This acquisition aligns with the UAE-based group's global expansion plans, as it supports its growth plans to invest across the gas value chain in key energy hubs worldwide. Meanwhile, the transaction is subject to customary regulatory filings and approvals before closing. Through SoTex, Kimmeridge is building America's first integrated gas independent to secure low-cost natural gas from wellhead to water and meet increasing demand for responsibly produced LNG across global markets. Bakheet Al Katheeri, Chairman of Mubadala Energy, commented: " As the company's first major investment in the U.S., 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." Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy, said: "The investment also highlights our strong position to accelerate our expansion across the gas value chain and build on our strategic international portfolio.'
Trade Arabia
10-04-2025
- Business
- Trade Arabia
Mubadala enters US upstream market with Kimmeridge deal
Mubadala Energy, the Abu Dhabi headquartered international energy company, has signed an agreement with Kimmeridge, the energy-focused alternative asset manager, to acquire a 24.1% interest in its key unit SoTex HoldCo via the issuance of new equity. Marking Mubadala Energy's entry into the US market, this significant equity investment is an important moment in Mubadala Energy's international expansion. It 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. 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 CEO, UAE Investments Platform, Mubadala Investment Company, said: "Through this partnership and our entry into the U.S., 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 finalized 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," he stated. On the investment, Managing Director and CEO Mansoor Mohamed Al Hamed 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," he stated. Ben Dell, Managing Partner of Kimmeridge, said: "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," he added. With US LNG supply expected to grow to approximately 33% of the global market by 2050, this investment is a strategic play in one of the world's most important gas hubs.
Khaleej Times
10-04-2025
- Business
- Khaleej Times
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.
