In April, Mubadala signed an agreement with Kimmeridge to acquire a 24.1 percent interest in the latter’s SoTex HoldCo, now Caturus, via the issuance of new equity.
The two firms announced the closing of the deal on Thursday, following the clearance of the voluntary filing submitted under the US government’s CFIUS (Committee on Foreign Investment in the United States).
The equity investment marks Mubadala’s U.S. market entry and reflects its ambitious expansion strategy.
Moreover, the rebranding is a “major milestone in the platform’s journey to deliver low-cost, low-emission natural gas from premier US resource plays to global markets, connecting responsibly sourced fuel with midstream infrastructure and best-in-class LNG export capabilities,” the partners said.
Caturus holds two portfolio companies: Kimmeridge Texas Gas, now renamed Katurus Energy, and Commonwealth LNG.
According to the partners, Caturus is building the only independent, fully integrated natural gas and LNG export platform in the US through a combination of its upstream operations under Caturus Energy and via Commonwealth LNG.
As part of the transaction, Mubadala 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.
Dave Lawler previously served as chief executive officer of Kimmeridge Texas Gas and will now serve as CEO of Caturus.
Commonwealth LNG eyes FID in 2025
The partners noted in the statement that Commonwealth LNG recently announced it has contracted France’s Technip Energies to provide engineering, procurement, and construction services to build its facility.
The contract covers the delivery of six identical liquefaction trains using Technip Energies’ SnapLNG by T.EN modular and scalable solution.
Commonwealth LNG anticipates announcing a final investment decision later this year, the partners said.
In June, Commonwealth LNG received the Federal Energy Regulatory Commission’s final order upholding authorization for its planned LNG export project.
This year, the company announced long-term binding LNG offtake agreements with global purchasers, including Glencore, Jera, and Petronas.
Commonwealth expects its export facility to unlock approximately $11 billion in investments in Louisiana and an estimated $3.5 billion in annual export revenue, utilizing approximately 2,000 workers at the peak of construction and providing 270 jobs when the facility begins operations.
