Mubadala Energy Seeks More US Projects After Backing Commonwealth LNG

Adnan Bu Fateem told Semafor the company is "really looking" for more US projects. "If you're an oil company and want to grow your business internationally, you can't exclude the US," he said. In the elections, Democrats won control of both the House of Representatives and the Senate.

Mubadala Energy is a major backer of Commonwealth LNG. According to Semafor, it was the first new US export terminal to reach a final investment decision during President Donald Trump's second term. The developer, Caturus, took that decision on May 15 after securing $9.75 billion in project financing for the $13 billion, 9.5 million tonnes a year plant, Offshore Technology reported. Total debt and equity commitments reached $21.25 billion. Mubadala Energy holds a 24.1% stake in the Caturus platform, which includes Commonwealth LNG and Caturus's upstream operations, and also put equity into the financing. The terminal is due to start operating in 2030.

Bu Fateem's remarks fit a wider shift. Semafor reported that Gulf energy companies are relying more on their international portfolios for stability while the region faces higher security risks and costs.

Those costs are showing up in contractors' books. Sherif Foda, chief executive of the regional oilfield services provider NESR, told Semafor his company now holds $150 million of spare equipment for its Gulf projects, three times what it would normally keep without the war. Foda said the extra inventory cuts deeply into profit margins, and he does not expect the risk premium to fade even if the conflict de-escalates. "That's the new mode of operation. Anyone who says it's going back to normal is dreaming," he said.

Bu Fateem did not say which US projects Mubadala Energy is looking at or how much it plans to invest.