$12.5 billion US LNG project nearing FID with full commercialization in hand

April 7th, 2026

America’s integrated gas and liquefied natural gas (LNG) company Caturus, controlled by the energy-focused alternative investment manager Kimmeridge, has confirmed the achievement of full commercialization for an LNG export project under development in Louisiana.

Commonwealth LNG design; Source: Commonwealth LNG

Caturus explains that its Commonwealth LNG project has finalized customer offtake agreements to underpin financing of its LNG facility in Cameron Parish, Louisiana. With commercialization now finalized, the launch of the financing process with lenders is set to begin as the firm advances the project toward a final investment decision (FID) anticipated in the coming weeks.

David Lawler, Caturus’ CEO, commented: “These commitments from high-quality international partners are a testament to their confidence in the Commonwealth project and our ability to deliver a facility instrumental to their needs in serving the global energy market. Our LNG export capability will be a key component of Caturus’ wellhead to-water strategy in building the nation’s leading independent integrated natural gas company.”

EQT LNG Trading, Glencore, Mercuria Energy Trading, Petronas LNG, and Aramco Trading Americas have each entered into long-term sale and purchase agreements (SPAs) for offtake from the facility. Commonwealth’s Phase 1 development is a $12.5 billion project that is expected to generate an estimated $3.5 billion in annual export revenue.

The project is expected to start operations in 2030, with site preparation underway to facilitate early site works. Caturus has authorized purchase orders via Technip Energies, Commonwealth LNG’s engineering, procurement and construction (EPC) partner, to begin the manufacturing of long-lead major equipment for the LNG facility.

This entails Baker Hughes for six mixed-refrigerant compressors driven by LM9000 gas turbines; Honeywell, to supply six main cryogenic heat exchangers; and Solar Turbines, providing four Titan 350 gas turbine-generators.

The U.S. player elaborates that the execution phase is now underway with a series of limited notices to proceed that maintain the project schedule and cost. The subcontracts have received awards for site preparation and surge wall development, as well as marine and material offloading facilities.

Aside from its progress on the Commonwealth LNG project, Caturus expects to close its acquisition of SM Energy Company’s Galvan Ranch assets in the near term, including approximately 60,000 high quality net acres in South Texas.

As a result, Caturus expects to be producing approximately 1 billion cubic feet equivalent per day net and rank among the top ten private U.S. gas pure-play producers.

Lawler added: “The acquisition of the SM Energy assets marks a pivotal step in our upstream strategy, enhancing our resource base and production capabilities. This expansion positions Caturus for sustainable growth and continued leadership in the energy sector.”