$13 billion US LNG project moves into execution phase with FID in the bag

May 18, 2026, by Melisa Cavcic

America’s integrated gas and liquefied natural gas (LNG) company Caturus, controlled by the energy-focused alternative investment manager Kimmeridge, has unveiled a final investment decision (FID) for its LNG export project under development in Louisiana, United States.

Rendering of Commonwealth LNG plant — Rendering of Commonwealth LNG; Source: Commonwealth LNG

Caturus has made a positive final investment decision for its $13-billion Commonwealth LNG project that includes the closing of $9.75 billion in project financing for construction of the 9.5 million tonnes per annum (mtpa) LNG export facility in Cameron Parish, Louisiana.

Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth LNG, commented: “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.”

The FID is said to mark the start of full construction, advancing what is considered to be one of the most cost‑competitive and efficient LNG projects in the United States, according to the developer, which underlines that the transaction garnered strong interest from both equity and debt investors, resulting in total commitments of $21.25 billion.

The company underlines that long‑term offtake agreements have been secured with a diversified group of global energy and industrial counter-parties, including EQT, Glencore, Mercuria, Petronas, and Aramco Trading. Phase 1 development is anticipated to generate more than $3 billion in annual export revenue when operations start in 2030.

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

$12.5 billion US LNG project nearing FID with full commercialization in hand

Business Developments & Projects

Mansoor Mohamed Al Hamed, Managing Director and Chief Executive Officer of Mubadala Energy, underscored: “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. In addition, major financial partners in the project encompass EOC Partners, funds and accounts managed by BlackRock, and an Ares Infrastructure Opportunities fund.

Bill Rogers, Managing Director, Head of Sustainable Energies at CPP Investments, emphasized: “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.”

Caturus previously authorized France’s Technip Energies, Commonwealth LNG’s engineering, procurement, and construction (EPC) partner, to order major long-lead equipment for the facility. The partnership will leverage the European firm’s 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.

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David Lawler, Caturus’ Chief Executive Officer, noted: “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. 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 to have direct oversight and accountability for exploration and production of natural gas, as well as liquefaction capabilities to market LNG for export.

The company recently expanded its upstream holdings with the acquisition of Galvan Ranch natural gas assets from SM Energy; thus, the firm is now producing more than 1 billion cubic feet equivalent per day on a net basis.

The U.S. player claims to rank among the top ten private U.S. natural gas pure-play producers. The Commonwealth LNG project is described as the $100 billionth dollar of invested capital in the State of Louisiana during Governor Jeff Landry‘s tenure leading the state.

Dell stated: “We wish to thank the Trump Administration, Secretary Wright and the Department of Energy, Governor Jeff Landry and the State of Louisiana, U.S. House Speaker Mike Johnson and all those who have recognized just how impactful Commonwealth will be for advancing U.S. energy leadership into the future while generating tremendous value for local communities in Louisiana.”