The US’ Kimmeridge Texas Gas and Commonwealth LNG have entered into a 20-year agreement to supply 2 Mt/year of LNG to the Switzerland-based company Glencore. The volumes will be delivered from the 9.5 Mt/year Commonwealth LNG export project located in Cameron, US State of Louisiana.
In June 2024, Kimmeridge, a US based private equity company, acquired a 90% stake in the proposed Commonwealth LNG liquefaction project, through its subsidiary Kimmeridge Texas Gas. Commonwealth expects to reach a final investment decision on its LNG export facility in the first quarter of 2025, with the first LNG production expected in 2028. After FID, Kimmeridge may cut its stake in Commonwealth LNG to 51%.
As of end-2023, the US had a liquefaction capacity of over 78 Mt. The country exported 92 Mt of LNG in 2023. The US remained the largest supplier of LNG to the EU in 2023, accounting for nearly half of total LNG imports. The US became Europe’s largest LNG supplier in 2021, ahead of Qatar and Russia.
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