Abu Dhabi-based Mubadala Energy announced Friday that Caturus LLC has taken a positive final investment decision on the $13 billion Commonwealth LNG project in the US state of Louisiana.
The decision includes the closing of $9.75 billion in project financing for the construction of the 9.5 million tons per annum liquefied natural gas export facility in Cameron Parish, according to a company statement.
Mubadala Energy said the final investment decision marks the start of full construction, which is expected to begin operations in 2030.
The first phase of the development is projected to generate more than $3 billion in annual export revenue once operations commence.
Long-term offtake agreements have been secured with several global energy and industrial companies, including EQT, Glencore, Mercuria, PETRONAS and Aramco Trading.
Mubadala Energy holds a 24.1% stake in the Caturus platform, which includes Commonwealth LNG and Caturus’ upstream operations, and is also participating in the project’s financing.
Mansoor Mohamed Al Hamed, CEO of Mubadala Energy, said the final investment decision is a major milestone for Commonwealth LNG and supports the company’s international growth strategy.
Caturus CEO David Lawler said global gas demand is accelerating and the company is positioned across the value chain from upstream production to LNG exports.
The Commonwealth LNG facility will be capable of loading LNG carriers of up to 216,000 cubic meters.