Abu Dhabi-headquartered international energy company Mubadala Energy has entered the US market through the acquisition of a quarter stake in Kimmeridge’s upstream gas and liquefied natural gas business.
Mubadala Energy is investing an unspecified amount to acquire a 24.1% interest in Kimmeridge’s SoTex HoldCo. SoTex HoldCo owns Kimmeridge Texas Gas, an upstream unconventional gas business in the Eagle Ford in South Texas; and Commonwealth LNG, which operates an LNG liquefaction and export facility in Louisiana.
Bakheet Al Katheeri, chair of the Mubadala Energy board and CEO, UAE investments platform, Mubadala Investment Company, said: “Through this partnership and our entry into the US, we are to further build on our leading role in building energy champions that deepen our position in the global economy.
”We are delighted that Mubadala Energy has finalised this equity investment with Kimmeridge to enable the development of key gas projects in the US Gulf Coast. As the company’s first major investment in the US, this transaction positions Mubadala Energy for accelerated growth across the gas value chain in one of the world’s most important and attractive energy hubs.”
Mansoor Mohamed Al Hamed, managing director and CEO, Mubadala Energy, said: “As our first major investment in the US this transaction offers a significant platform for future growth in one of the world’s most important energy hubs.
“The investment also highlights our strong position to accelerate our expansion across the gas value chain and build on our strategic international portfolio.”
Ben Dell, managing partner of Kimmeridge, said: “Mubadala’s investment and unwavering support represent a significant milestone in the realisation of our wellhead-to-water strategy, accelerating Commonwealth LNG’s path to final investment decision.
“We extend our sincere gratitude to the Mubadala Energy team for their invaluable partnership and collaboration as we work together to drive energy innovation and accelerate the transition to a cleaner, more sustainable energy future.”
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