Caturus reaches FID on Commonwealth LNG export plant

Caturus LLC reached final investment decision (FID) on its $13.5-billion Commonwealth LNG plant in Cameron Parish, La. The sanction includes closing of $9.75 billion in project financing and marks the start of full construction of the 9.5-million tonnes/year (tpy) export plant, the company said May 15. Phase 1 operations are expected in 2030.

Long-term offtake agreement counterparties include EQT, Glencore, Mercuria, PETRONAS, and Aramco Trading.

Kimmeridge, Mubadala Energy, and CPP Investments provided new financing for Commonwealth LNG and remain equity investors in Caturus. Mubadala Energy, which holds a 24.1% stake in the Caturus platform, including Commonwealth LNG and Caturus upstream operations, also is an equity participant in the project financing.

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

Other financial partners include EOC Partners, funds and accounts managed by BlackRock, and an Ares Infrastructure Opportunities fund.

Caturus said the $13-billion Commonwealth LNG plant, with total commitments of $21.25 billion from equity and debt investors, is central to its plan to build an independent integrated natural gas and LNG company with a wellhead-to-water strategy “to meet an expanding global energy market seeking reliable power on demand with a lower-carbon footprint.”

Caturus previously authorized Technip Energies, Commonwealth LNG’s EPC contractor, to order major long-lead equipment. The plant will include six Baker Hughes mixed-refrigerant compressors driven by LM9000 gas turbines, six Honeywell main cryogenic heat exchangers, and four Titan 350 gas turbine-generators from Solar Turbines. It will be able to load LNG carriers of up to 216,000 cu m.

Pre-construction and initial site preparation began in December 2025, including geotechnical and civil surveys, site benchmark placement, lowering of existing well casings, and initial mowing. EPC site mobilization began in March 2026.

The FID follows Caturus’ acquisition of Galvan Ranch assets from SM Energy, which increased output to more than 1 bcfed and made it one of the top 10 private US natural gas pure-play producers.