Caturus announced Friday it has reached final investment decision (FID) on the long-delayed 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 already been secured with a roster of 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.
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The latest investment also reflects continued confidence in long-term LNG demand despite growing geopolitical volatility surrounding global energy shipping routes, including ongoing disruptions in the Strait of Hormuz and the prolonged rerouting of cargoes around the Suez Canal.
“This pragmatic approach allows the company to have direct oversight and accountability for exploration and production of natural gas, as well as liquefaction capabilities to market LNG for export,” the company said.
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