Mubadala Energy closes Caturus stake deal in US

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Abu Dhabi’s Mubadala Energy has completed a strategic investment in US natural gas through a partnership with private equity firm Kimmeridge, taking a 24.1 per cent stake in the newly rebranded Caturus, formerly SoTex HoldCo.

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 Mubadala Energy’s first significant entry into the US energy market and forms part of its strategy to expand across the gas value chain while supporting the transition to lower-emission fuels.

“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).