Abu Dhabi's Mubadala closes first US energy investment with natural gas and LNG deal

Abu Dhabi's Mubadala Energy has closed a US natural gas investment agreement by acquiring a stake in a company backed by alternative asset manager Kimmeridge, marking its first significant investment in the US energy market and advancing its global growth strategy.

The energy arm of the UAE capital's sovereign wealth fund now owns a 24.1 per cent equity stake in New York-based Kimmeridge’s SoTex HoldCo, which has been rebranded to Caturus, Mubadala said on Friday.

The transaction was first announced in April.

Caturus is building an integrated natural gas and LNG export platform in the US through its upstream operations under Caturus Energy, formerly Kimmeridge Texas Gas, and Commonwealth LNG, a 9.5 million metric tonne per annum (mtpa) liquefied natural gas export terminal that will be located near Cameron, Louisiana.

"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," Mansoor Al Hamed, managing director and chief executive of Mubadala Energy, said.

Strategic position in US LNG sector

The partnership and Mubadala's foray into the world's largest economy and second-largest energy producer comes as the company seeks to broaden its global footprint.

Mubadala Energy, previously known as Mubadala Petroleum, has been actively expanding its portfolio, and its latest partnership in the US signifies the focus it has on key energy markets.

The move further strengthens its position across the gas value chain and aligns with its strategy to play a critical role in the energy transition by investing in low-emission energy sources, the company said. Mubadala Energy’s active investment approach supports long-term plans to build a strategic position in America's integrated natural gas and LNG sector, it added.

Commonwealth LNG recently announced it has contracted Technip Energies to provide engineering, procurement and construction services to build its facility. It expects to receive final investment decision later this year.

The LNG project is proceeding with "significant momentum" following the signing of a series of long-term binding LNG offtake agreements with top-tier global purchasers, including Glencore, Jera and Petronas, according to Mubadala.

As part of the transaction, Mubadala Energy appointed two representatives to the Caturus board of managers: Adnan Bu Fateem, who is chief operating officer at Mubadala Energy, and Khaled Al Tamimi, senior vice president of non-operated assets .

"Mubadala Energy’s investment approach helps create long-term value through active stewardship," Mr Bu Fateem said.

Commenting on the deal's closure, Ben Dell, managing partner at Kimmeridge, said: “We’re excited to collaborate in bringing the only fully integrated natural gas independent to life. Together, we will drive innovation across the LNG industry... contributing to a cleaner, more sustainable energy future.”

The UAE in May announced plans to increase the value of its investments in the US energy sector to $440 billion by 2035, from the current $70 billion.

This is part of the UAE’s $1.4 trillion investment plan into the country.

The plan was announced during US President Donald Trump's meeting with top business leaders in the Emirates.

Natural gas demand

Following a strong expansion in 2024, global natural gas demand rose at a much slower rate in the first half of 2025, according to the latest quarterly Gas Market Report by the the International Energy Agency.

"Macroeconomic uncertainty, together with tight supply fundamentals and relatively high prices, weighed on natural gas consumption, particularly in price-sensitive markets in Asia," it said.

However, global LNG supply growth is set to accelerate in 2026 to its fastest pace since 2019, primarily driven by additions in the US, Canada and Qatar, according to IEA.

"Easing supply fundamentals are expected to support stronger gas demand growth, especially in key Asian import markets," it said.