Mubadala Investment Co. and Kimmeridge Energy Management Co. LLC have signed a memorandum of understanding (MOU) to expand their collaboration on natural gas and LNG opportunities.
That builds on an agreement signed April in which Emirati sovereign investor Mubadala will acquire a 24.1 percent stake in the United States asset manager’s SoTex HoldCo LLC. The purchase, via the issuance of new equity, will give Mubadala its first energy assets in the United States.
SoTex’s business consists of an upstream unconventional gas position in the Eagle Ford in South Texas, held via Kimmeridge Texas Gas, and the planned Commonwealth LNG in Calcasieu Pass, Louisiana.
Concurrent with the signing of the new MOU, Kimmeridge announced its expansion into the Middle East with the launch of an office in Abu Dhabi’s financial center, ADGM.
“The opening underscores Kimmeridge’s commitment to the Middle East and strengthens the firm’s role as a gateway for energy investments between the U.S., the UAE and the wider region”, Kimmeridge said in an online statement Wednesday. “The ADGM office builds on a legacy of relationships with regional institutions and partners, and is also expected to host investment teams as Kimmeridge explores opportunities in the Middle East and Asia”.
Kimmeridge’s Middle East team will be headed by Fayçal Benjelloun as regional managing director and head, who will also be senior executive officer. Benjelloun joins from Mubadala Capital.
“Our new ADGM office connects Kimmeridge’s operations in the US and the Middle East, serving as a strategic hub to meet the growing regional demand for high-performing energy assets”, Benjelloun said. “Kimmeridge is at the forefront of both conventional energy and the energy transition – key priorities for regional investors and governments that are taking significant steps toward achieving their net zero targets”.
“The opening of our UAE office and expanding partnership with Mubadala Energy are natural steps as we build on strong relationships in the region and capitalize on a host of compelling opportunities across the evolving energy ecosystem, for the benefit of all stakeholders”, commented Kimmeridge co-founder and managing partner Benjamin Dell.
Mubadala Energy managing director and chief executive Mansoor Mohamed Al Hamed said, “Kimmeridge shares our ambition for accelerated growth across the gas value chain, and as an international energy company we are excited to strengthen this collaboration by driving new, strategic opportunities”.
To contact the author, email jov.onsat@rigzone.com
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