Mubadala Energy-backed Commonwealth LNG has reached a Final Investment Decision, moving forward with construction of a $21.5 billion Louisiana-based LNG export facility. Mubadala Energy, which holds a 24.1% stake in Commonwealth's parent company Caturus, joins major US investors in the project, including Houston-based EOC Partners and funds from BlackRock and Ares Management. The facility will expand US natural gas export capacity as global energy demand continues to grow.

Why This Matters

As global markets navigate supply disruptions and AI infrastructure drives unprecedented energy consumption, UAE capital is scaling US facilities that deliver American natural gas to international markets. Mubadala Energy’s investment expands the critical infrastructure that turns US natural gas production into export capacity and economic growth. The Commonwealth LNG facility joins other UAE-backed gas projects like NextDecade’s Rio Grande LNG facility, strengthening America's position as the world's largest LNG exporter while creating construction jobs and permanent employment in the US.

“This landmark occasion, in parallel with continued growth of Caturus’ upstream platform, is the culmination of years of strategic planning, strong partnerships and commitment to delivering a fully integrated ‘wellhead-to-water’ project.” – Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth LNG

Full Press Release: Mubadala Energy, Kimmeridge and CPP Investments Announce Final Investment Decision for Caturus' commonwealth LNG Investment in the U.S.

Abu Dhabi – (May 15, 2026) – Mubadala Energy, the international energy company headquartered in Abu Dhabi announced that Caturus LLC (“Caturus” or “The Company”) has made a positive Final Investment Decision (FID) for its Commonwealth LNG project that includes successful closing of $9.75 billion in project financing for construction of the 9.5 million tonnes per annum (Mtpa) liquefied natural gas (LNG) export facility in Cameron Parish, Louisiana.

FID marks the start of full construction and advances one of the most cost competitive and efficient LNG projects in the United States. The transaction garnered strong interest from both equity and debt investors, resulting in total commitments of $21.25 billion.

“This landmark occasion, in parallel with continued growth of Caturus’ upstream platform, is the culmination of years of strategic planning, strong partnerships and commitment to delivering a fully integrated ‘wellhead-to-water’ project,” said Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth LNG.

Long term offtake agreements have been secured with a diversified group of global energy and industrial counterparties, including EQT, Glencore, Mercuria, PETRONAS, and Aramco Trading. Phase 1 development is expected to generate more than $3 billion in annual export revenue when operations commence in 2030.

Mubadala Energy, which already holds a 24.1% stake in the Caturus platform comprised of Commonwealth LNG and Caturus’ upstream operations, is also an equity participant in the project’s financing.

Mansoor Mohamed Al Hamed, Managing Director and Chief Executive Officer, Mubadala Energy, commented: “This FID announcement is a major milestone for Commonwealth LNG and is a critical step in realizing its strategy for a fully integrated ‘wellhead-to-water’ operation. For Mubadala Energy, we have been delighted to play an active role in helping achieve this vision while building further momentum to our international growth strategy. The investment adds to our existing global gas-weighted portfolio and expands our exposure across the full gas value chain – an important driver of our longstanding growth plans.”

Canada Pension Plan Investment Board (CPP Investments) will contribute $1.2 billion in financing to increase its total stake in the Caturus platform to 31%, including previous investments.

“Caturus stands out for its integrated approach across natural gas production and LNG export, and the platform is well placed to support energy reliability and resilience in its core markets over time. This increased investment in Caturus alongside our partners represents a compelling opportunity to extend our commitment to a differentiated energy platform in pursuit of delivering long-term value for the CPP Fund,” said Bill Rogers, Managing Director, Head of Sustainable Energies, CPP Investments.

In addition, major financial partners in the project include EOC Partners, funds and accounts managed by BlackRock, and an Ares Infrastructure Opportunities fund.

Caturus previously authorized Technip Energies, Commonwealth LNG’s EPC partner, to order major long-lead equipment for the facility. The partnership will leverage Technip Energies’ global LNG expertise and a modular approach to improve safety and efficiency across the site. The facility will include six Baker Hughes mixed-refrigerant compressors powered by LM9000 gas turbines, six Honeywell main cryogenic heat exchangers and four Titan 350 gas turbine-generators from Solar Turbines. The Commonwealth LNG project will also be capable of loading LNG carriers up to 216,000 cubic meters.

“Global gas demand is unquestionably accelerating and Caturus is positioned to be a differentiated leader across the value chain from upstream production to LNG export,” said Caturus Chief Executive Officer David Lawler. “In partnership with our best-in-class team, blue chip investors and Kimmeridge, Caturus will continue to exemplify the value of being the nation’s leading independent and integrated natural gas company.”

The Commonwealth LNG facility is a central component of Caturus’ integrated natural gas strategy to meet an expanding global energy market seeking reliable power on demand with a lower-carbon footprint. This pragmatic approach allows the company to have direct oversight and accountability for exploration and production of natural gas, as well as liquefaction capabilities to market LNG for export.

In the weeks leading up to the Commonwealth FID, Caturus significantly expanded its upstream holdings with the acquisition of Galvan Ranch natural gas assets from SM Energy. Caturus is now producing more than 1 billion cubic feet equivalent per day on a net basis and ranks among the top 10 private U.S. natural gas pure-play producers.