HOUSTON, June 25 (Reuters) - Private equity firm

Kimmeridge, through its subsidiary Kimmeridge Texas Gas, has

acquired a 90% stake in proposed U.S. liquefied natural gas

export project Commonwealth LNG, it said on Tuesday.

The investment will allow the project to move ahead, the

companies said. The sum paid for the controlling interest was

not disclosed.

Kimmeridge appointed former BP Americas head David

Lawler as CEO of Kimmeridge Texas Gas, effective immediately.

"We are excited to take a controlling interest in

Commonwealth LNG as we integrate our business....and look

forward to the completion of a best-in-class LNG export facility

in Louisiana," said Ben Dell, managing partner of Kimmeridge and

director at KTG.

Commonwealth LNG has been trying to develop a 9.5 million

metric tons per annum (mtpa) LNG export facility in Cameron,

Louisiana, and has been unable to reach a financial decision as

it has not yet received an export license from the Department of

Energy to sell the superchilled gas to non-FTA countries.

The plant has been awaiting an export permit for over a

year and Commonwealth Executive Chairman Paul Varello said on

Tuesday the delay has cost the company about $500 million.

Varello announced his retirement on Tuesday at an LNG

construction conference in Houston.

Kimmeridge said the acquisition was a move to ensure

that a final investment decision on the LNG project is made by

the end of the second quarter next year.

Commonwealth LNG Chief Executive Officer Farhad Ahrabi, who

joined the company in 2022 following a seven-year tenure at

Cameron LNG, will continue in his current role under Kimmeridge

ownership, Commonwealth said.