Mubadala Energy from Abu Dhabi has finalized a strategic investment in the U.S. natural gas sector through a collaboration with private equity firm Kimmeridge, acquiring a 24.1% share in the newly renamed Caturus, formerly known as SoTex HoldCo.
Caturus is working on creating a comprehensive U.S. natural gas and liquefied natural gas (LNG) export infrastructure, merging upstream activities through Caturus Energy—previously Kimmeridge Texas Gas—with Commonwealth LNG, which is developing a planned export terminal with a capacity of 9.5 million tonnes per annum located near Cameron, Louisiana.
The Commonwealth LNG project has engaged Technip Energies for engineering, procurement, and construction services and anticipates making a final investment decision by the end of the year.
Additionally, the initiative has secured long-term binding agreements with Glencore, Japan’s JERA, and Malaysia’s PETRONAS for offtake.
Mubadala Energy Enters the U.S. Energy Market
This deal signifies Mubadala Energy’s initial major entry into the U.S. energy landscape and is a crucial part of its strategy to grow across the gas value chain while aiding the transition to lower-emission energy sources.
Mansoor Mohammed Al Hamed, the managing director and CEO of Mubadala Energy, stated, “This announcement further illustrates our global growth strategy in motion. The platform’s integrated and responsible framework aligns with our intent to invest across the gas value chain in pivotal global energy hubs, allowing us to play an active role in balancing energy security with transition goals while generating long-term value for our stakeholders.”
Ben Dell, managing partner at Kimmeridge, expressed that Mubadala Energy’s involvement serves as “a strong endorsement of our strategy at Caturus,” with the partners aiming to establish “the only fully integrated independent natural gas entity.”
As part of the agreement, Mubadala Energy has appointed COO Adnan Bu Fateem and SVP for Non-Operated Assets Khaled Al Tamimi to the board of managers at Caturus.
Bu Fateem remarked that the company’s proactive investment strategy would help “guide the strategic direction of this platform to meet commercial, operational, and sustainability objectives.”
This transaction was concluded after receiving approval from the Committee on Foreign Investment in the United States (CFIUS).