Caturus announced Friday it has reached final investment decision (FID) on the 9.5 million tonnes per annum (mtpa) Commonwealth LNG export terminal in Cameron Parish, Louisiana, backed by $9.75 billion in project financing and more than $21 billion in total capital commitments. The roughly $13 billion project marks one of the largest U.S. LNG export developments approved this year and further cements America's position as the world's dominant LNG supplier.
The Commonwealth facility is expected to begin operations in 2030 and will have the capability to load LNG carriers up to 216,000 cubic meters. Long-term offtake agreements have been secured with major global counterparties including EQT, Glencore, Mercuria, PETRONAS and Aramco Trading. "This landmark occasion is the culmination of years of strategic planning, strong partnerships and commitment to delivering a fully integrated 'wellhead-to-water' project," said Ben Dell, managing partner of Kimmeridge and chairman of Commonwealth LNG.
The project is central to Caturus' strategy of building a vertically integrated gas platform spanning upstream production through LNG exports. The company said it now produces more than 1 billion cubic feet equivalent per day following its recent acquisition of Galvan Ranch assets from SM Energy. The financing group includes existing investors Mubadala Energy and CPP Investments, alongside funding from BlackRock, Ares Management and EOC Partners.
Engineering and construction work will be led by Technip Energies, which has already begun procurement of major long-lead equipment. The terminal will use Baker Hughes LM9000 gas turbines, Honeywell cryogenic heat exchangers, and Solar Turbines power generation systems. The FID comes amid a broader acceleration in U.S. LNG expansion. The United States exported roughly 111–112 million metric tons of LNG in 2025, making it the first country ever to exceed 100 million metric tons annually and widening its lead over Qatar and Australia in global LNG exports.
The latest investment reflects continued confidence in long-term LNG demand despite geopolitical volatility surrounding global energy shipping routes, including ongoing disruptions in the Strait of Hormuz and prolonged rerouting of cargoes around the Suez Canal. Caturus emphasized its pragmatic approach allows direct oversight and accountability for exploration, production, liquefaction and export marketing capabilities.
Key Takeaways:
1. Caturus reaches final investment decision on 9.5 mtpa Commonwealth LNG terminal in Louisiana with $9.75 billion in project financing.
2. The $13 billion project will begin operations in 2030 and ranks among the largest U.S. LNG export developments approved this year.
3. Long-term offtake agreements secured with EQT, Glencore, Mercuria, PETRONAS and Aramco Trading.
4. Engineering and construction led by Technip Energies using Baker Hughes and Honeywell equipment.
5. U.S. exported 111-112 million metric tons of LNG in 2025, becoming first country to exceed 100 million tons annually.
