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Commonwealth LNG has announced the signing of a significant Sale and Purchase Agreement (SPA) with a prominent Asian energy company. The agreement commits the undisclosed buyer to purchase 1 million tonnes per annum (mtpa) of liquefied natural gas (LNG) for a period of 20 years from Commonwealth's $11 billion, 9.5 mtpa export facility currently under development in Cameron, Louisiana.

This long-term commitment marks a crucial step forward for the Commonwealth LNG project, signaling strong market confidence as the company progresses towards a final investment decision (FID) later this year. The first LNG offtake from the facility is anticipated in 2029.

Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth, hailed the agreement as a pivotal milestone. "This offtake agreement marks another important milestone for Commonwealth as we work toward a final investment later this year and first offtake planned for 2029," he stated. "We look forward to working with this Buyer, a longstanding leader in LNG, as we further our integrated wellhead-to-water strategy in delivering LNG to critical markets around the world."

The identity of the Asian buyer remains undisclosed, but Commonwealth LNG described them as "one of the world's leading energy corporations, operating comprehensively across the oil and gas value chain from upstream to downstream" and "currently one of the largest global suppliers of LNG." This suggests a well-established and reputable player in the global energy market.

The development of Commonwealth LNG's Phase 1 facility is projected to bring substantial economic benefits to Louisiana. The over $11 billion investment is expected to generate an estimated $3.5 billion in annual export revenue. Furthermore, the project is anticipated to create approximately 2,000 jobs during its peak construction phase and sustain around 275 high-paying operational roles once the facility commences operations in late 2029.

Farhad Ahrabi, President and CEO of Commonwealth, expressed enthusiasm about the partnership. "We look forward to building and strengthening our partnership with this Buyer in mutually beneficial ways as we progress on our journey," he commented. "We're committed to building and creating a safe, reliable, efficient, and well-governed LNG operating company."

Commonwealth LNG is owned by Kimmeridge SoTex Holdco LLC (SoTex), an entity founded by Kimmeridge, an asset manager with a focus on the energy sector. Through SoTex, Commonwealth benefits from an integrated "wellhead-to-water" strategy. SoTex also holds Kimmeridge Texas Gas, an upstream natural gas development company, allowing for a streamlined supply chain of low-cost, responsibly-produced natural gas to meet the increasing global demand for LNG. This integrated approach aims to enhance efficiency and cost-competitiveness in the delivery of LNG to international markets.