Mubadala Energy enters US market with 24.1% stake in Kimmeridge’s SoTex

Mubadala Energy, based successful Abu Dhabi, has entered the US upstream state and liquefied earthy state (LNG) assemblage by acquiring a 24.1% involvement successful SoTex HoldCo done caller equity issuance.

The determination enhances Mubadala Energy’s planetary state portfolio and aligns with the United Arab Emirates' (UAE) 2050 net-zero ambition.

SoTex, owned by Kimmeridge, includes Kimmeridge Texas Gas and Commonwealth LNG.

Kimmeridge Texas Gas operates successful the Eagle Ford, South Texas, portion Commonwealth LNG owns a 9.3 cardinal tonnes per annum LNG installation astatine Calcasieu Pass, Louisiana.

Mubadala Energy CEO and managing manager Mansoor Mohamed Al Hamed said: "As our archetypal large concern successful the US this transaction offers a important level for aboriginal maturation successful 1 of the world's astir important vigor hubs.

“The concern besides highlights our beardown presumption to accelerate our enlargement crossed the state worth concatenation and physique connected our strategical planetary portfolio. We are excited astir the semipermanent opportunities this concern offers, successful enactment with our strategy to play a proactive relation successful the vigor modulation and turn our planetary state portfolio."

Kimmeridge aims to make an integrated state autarkic successful the US to conscionable planetary LNG demand.

Kimmeridge Texas Gas presently produces much than 500 cardinal cubic equivalent per day, with plans to turn to 1.5 cardinal cubic feet equivalent per time by 2031.

Kimmeridge managing spouse Ben Dell said: "Mubadala's concern and unwavering enactment correspond a important milestone successful the realisation of our wellhead-to-water strategy, accelerating Commonwealth LNG's way to last concern determination (FID)."

Commonwealth LNG is finalising pre-FID workstreams, with the archetypal LNG offtake expected successful 2029.

Mubadala Energy's concern aligns with its strategy to put crossed the state worth concatenation globally. The transaction is pending customary regulatory approvals earlier closing.

In May past year, Mubadala Energy made a caller state find astatine its Tangkulo-1 exploration good successful the South Andaman artifact offshore North Sumatra, Indonesia.

The good was drilled successful 1,200m of h2o to a full extent of 3,400m and successfully encountered a state file measuring 80m wrong an Oligocene-aged sandstone reservoir.

Mubadala Energy operates the South Andaman Gross Split accumulation sharing declaration with an 80% moving interest, portion Harbour Energy holds the remaining 20% arsenic a associated task partner.

"Mubadala Energy enters US marketplace with 24.1% involvement successful Kimmeridge’s SoTex" was primitively created and published by Offshore Technology, a GlobalData owned brand.