MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, announced the completion of the previously announced agreement for the acquisition of Tokyo Gas stakes in a portfolio of integrated Australian LNG projects.
The acquisition includes Tokyo Gas’s stakes in the Gorgon LNG, Pluto LNG, and Queensland Curtis LNG projects.
The portfolio benefits from experienced operators, including Chevron, Woodside, and Shell, and spans the LNG value chain from upstream operations to midstream, liquefaction, and sales.
As part of the transaction, MidOcean Energy will open an office in Perth, Australia, to support and oversee the projects.
R. Blair Thomas, Chairman and CEO of EIG, stated: “We strongly believe in the role of LNG as a crucial element of the energy transition and have established MidOcean to offer partners and investors diversified exposure to this asset class.
With these foundational assets, MidOcean has gained access to key projects and markets in Asia, which are the center of gravity for the global LNG business. De la Rey and his team have an ambitious growth strategy that includes further development and geographic expansion.
Our focus on integrated projects is fundamental to this strategy and offers MidOcean the opportunity to capture value along the entire LNG value chain.”
“The acquisition of these high-quality LNG projects with financial flows is a significant pillar of MidOcean’s strategy to build a ‘pure play’ integrated, diversified, and global LNG company that supports the world’s transition to a low-carbon future,” said De la Rey Venter, CEO of MidOcean.
“This transaction accelerates our ambition to act as leading players in the global LNG sector for decades to come, and we look forward to serving key LNG customers in Japan, Asia, and the rest of the world.”
Barrenjoey, Barclays, and JP Morgan served as financial advisors to EIG and MidOcean during the transaction. White & Case was the legal advisor to EIG and MidOcean.
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