Mubadala Energy buys into Kimmeridge’s SoTex: Mubadala Energy — a unit of Abu Dhabi sovereign wealth fund Mubadala — acquired a 24.1% stake in SoTex Holdco, the natural gas assets management arm of US-based Kimmeridge Energy, according to a statement.

This is the firm’s first investment in the North American market, supporting its push into the global gas and LNG value chain, with direct exposure to upstream production in Texas and a planned 9.3 mn tonnes per year LNG export facility in Louisiana.

Mubadala Energy will pay for the SoTex stake in equity, with an undisclosed amount of new shares set to be issued to Kimmerdige’s shareholders to complete the transaction. The acquisition is subject to approvals.

SoTex’s portfolio: The company owns two main businesses, namely Kimmeridge Texas Gas and Commonwealth LNG, which is still a pre-final investment decision project. KTG currently produces 500 mn cubic feet equivalent per day, with output projected to triple to 1.5 mn by 2031, the statement reads.

The story got ink from Reuters.

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