Houston-based Caturus Energy has announced a final investment decision (FID) to launch construction of its $13-billion, 9.5-mtpa Commonwealth LNG export project in Cameron, Louisiana, after closing on $9.75 billion in project finance to cover the buildout.
The privately backed greenfield development targets first LNG in 2030, utilizing gas from Kimmeridge’s integrated gas platform (formerly SoTex Hold Co. and Kimmeridge Texas Gas), rebranded as Caturus after Abu Dhabi’s Mubadala Energy took a 24.1% stake in the project in August 2025.
The integrated platform positions Caturus Energy as an upstream operator with more than 1 Bcfe/D of net production across nearly 280,000 net acres in the Haynesville and East Texas basins, integrated downstream with Commonwealth LNG for liquefaction and export, according to a 15 May press release announcing FID.
Separately, Commonwealth LNG has signed a memorandum of understanding with OnStream CO2 to develop a carbon capture and storage project to capture and sequester emissions from the facility.
$21.25 Billion Secured for Caturus LNG Project
Caturus said it has secured $21.25 billion from equity and debt investors for the overall project, including $9.75 billion in project finance targeted for construction of the terminal, which will be capable of loading LNG carriers of up to 216,000 m3.
In addition to Mubadala, energy investor Kimmeridge and Canada Pension Plan Investment Board (CPP Investments) are providing funding, with CPP contributing $1.2 billion and increasing its stake in Caturus to 31%, the release noted.
Other financial partners in the project include EOC Partners, funds and accounts managed by BlackRock, and an Ares Infrastructure Opportunities fund.
"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.
Caturus reports long-term supply deals with EQT LNG Trading, Glencore, Mercuria, Malaysia’s Petronas, and Aramco Trading. Phase 1 of the development is expected to generate more than $3 billion in annual export revenue when operations begin in 2030.
“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,” said Mansoor Mohamed Al Hamed, managing director and CEO, Mubadala Energy. “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,” he added.
Bill Rogers, managing director, head of sustainable energies, CPP Investments, said, “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.”
Equipment Orders and Gas Deals Advance Caturus LNG Project
Caturus had already authorized Technip Energies, Commonwealth LNG's EPC partner, to order major long-lead equipment for the facility.
Baker Hughes will deliver six mixed-refrigerant compressors powered by LM9000 gas turbines. Other contract awards include Honeywell for six main cryogenic heat exchangers and Solar Turbines for four Titan 350 gas turbine generators.
In April Caturus acquired Galvan Ranch natural gas assets from SM Energy to gain a place among the top 10 private US natural gas pure-play producers, the company said at the time.