Commonwealth LNG Greenlights $13 Billion Export Facility in Louisiana

Houston, TX – May 17, 2026 – Caturus LLC announced a positive Final Investment Decision (FID) on May 15 for its Commonwealth LNG export facility in Cameron Parish, Louisiana, unlocking full construction on one of the most cost-competitive and efficient LNG projects in the United States. The $13 billion project, backed by $9.75 billion in newly closed project financing and total capital commitments exceeding $21.25 billion, will deliver 9.5 million tonnes per annum (Mtpa) of LNG capacity when operations commence in 2030.

The facility is located on the west bank of the Calcasieu Ship Channel near Cameron, Louisiana, in the heart of the U.S. Gulf Coast LNG corridor. It will feature five 50,000-cubic-meter storage tanks and accommodate LNG carriers up to 216,000 cubic meters. Gas supply will come via a dedicated 3-mile pipeline interconnected to two major pipeline systems with ample excess transportation capacity.

Construction is already underway following the groundbreaking ceremony attended by U.S. Energy Secretary Chris Wright and Louisiana Governor Jeff Landry. The project employs a highly modularized engineering approach by EPC partner Technip Energies, moving more than 10 million work hours into fabrication shops to enhance safety, reduce on-site labor demands, and control costs in a competitive regional labor market. Key equipment includes six Baker Hughes mixed-refrigerant compressors powered by LM9000 gas turbines, six Honeywell main cryogenic heat exchangers, and four Solar Turbines Titan 350 gas turbine-generators.

Strong Backing and Commercial Momentum
The project is led by Houston-based Caturus, which is building a fully integrated “wellhead-to-water” natural gas and LNG platform. Majority stakeholder Kimmeridge (through its managing partner Ben Dell, who serves as Chairman of Commonwealth LNG) partners with Abu Dhabi-based Mubadala Energy (24.1% stake in the Caturus platform) and Canada Pension Plan Investment Board (CPP Investments, now at 31% total stake with a fresh $1.2 billion commitment). Additional financing came from EOC Partners, BlackRock-managed funds, and an Ares Infrastructure Opportunities fund.

Long-term offtake agreements have been secured with a diversified group of global buyers, including EQT, Glencore, Mercuria, PETRONAS, and Aramco Trading. Phase 1 is expected to generate more than $3 billion in annual export revenue once commercial operations begin in 2030.

Investment Opportunity and Sector Tailwinds
Commonwealth LNG represents a compelling investment opportunity in the U.S. LNG value chain. The integrated upstream-to-export model leverages Caturus’ robust natural gas production base (now exceeding 1 Bcfe/d net across ~280,000 net acres in Texas following the recent Galvan Ranch acquisition from SM Energy). This de-risks supply and margins while positioning the project as one of the lowest-cost LNG developments in the country.

The broader U.S. LNG export industry continues its record-breaking expansion, providing strong context for the project’s economics. As of early 2026, U.S. peak LNG export (liquefaction) capacity stands at approximately 18.3 Bcf/d (roughly 136.5 Mtpa operating). Exports averaged a record 15 Bcf/d in 2025 and are forecast to reach 17.0 Bcf/d in 2026, with further growth to 20.5 Bcf/d net natural gas exports by 2027. Projects under construction and recently sanctioned are on track to add ~13.9 Bcf/d by 2029, pushing total U.S. capacity toward 28.7 Bcf/d. Commonwealth LNG’s 9.5 Mtpa (~1.25 Bcf/d equivalent) will contribute meaningfully to that wave when it comes online in 2030.

Publicly traded proxies like Cheniere Energy underscore the sector’s financial strength. In Q1 2026, Cheniere exported a record 187 LNG cargoes, generating $5.868 billion in total revenues and $2.333 billion in Adjusted EBITDA—a 25% increase year-over-year—driven by robust global demand and operational excellence.

Global demand remains supportive amid energy security concerns and supply disruptions elsewhere. U.S. exports already run at roughly double the volumes of the next-largest exporters, reinforcing America’s position as the world’s dominant LNG supplier.

Economic Impact for Louisiana
The Commonwealth LNG project pushes Louisiana past $100 billion (some reports cite $107 billion) in announced private capital investment since Governor Jeff Landry took office in January 2024. It is expected to deliver substantial local economic benefits, job creation during construction and operations, and long-term tax revenue while advancing U.S. energy leadership.

Quotes from Project Leaders Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth LNG: “This landmark occasion… is the culmination of years of strategic planning, strong partnerships and commitment to delivering a fully integrated ‘wellhead-to-water’ project.”

Mansoor Mohamed Al Hamed, Managing Director and CEO, Mubadala Energy: “This FID announcement is a major milestone for Commonwealth LNG… [and] expands our exposure across the full gas value chain.”

David Lawler, CEO, Caturus: “Global gas demand is unquestionably accelerating and Caturus is positioned to be a differentiated leader across the value chain.”