2023-08-14 17:25:45 ET
Commonwealth LNG said Monday it closed on investment funding for the $4B liquefied natural gas export terminal it plans to build in Louisiana, after P-E firm Kimmeridge Energy Management agreed to take an undisclosed but minority stake in the project.
Kimmeridge, which holds stakes in several U.S. oil and gas producers, also agreed in principle to take 2M metric tons/year of LNG for 20 years from the proposed 9.3M tons/year facility and may become a gas supplier to the project.
The agreement in principle would give the project contracts totaling 5M tons/year, which Commonwealth LNG said brings it closer to reaching a final investment decision on the project by Q1 2024, with initial LNG shipments aimed for early 2027.
ETFs: ( NYSEARCA: UNG ), ( UGAZF ), ( BOIL ), ( KOLD ), ( UNL ), ( FCG )
U.S. front-month natural gas ( NG1:COM ) for September delivery finished +0.9% Monday at $2.795/MMBtu.
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Commonwealth LNG wins financing for Louisiana facility as Kimmeridge takes stake