MidOcean Energy completes acquisition of Tokyo Gas’ interests in Australian LNG projects
Published by Jessica Casey,
Editor
LNG Industry,
MidOcean Energy, an LNG company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, has announced the completion of its previously announced agreement to acquire Tokyo Gas Co., Ltd’s interests in a portfolio of Australian integrated LNG projects.
The acquisition includes Tokyo Gas’ interests 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 will open an office in Perth, Australia, to support and oversee the projects.
R. Blair Thomas, EIG’s Chairman and CEO, said: “We are strong believers in the role of LNG as a key enabler of the energy transition and have formed MidOcean to provide partners and investors differentiated exposure to the asset class. With these foundational assets, MidOcean has entered key projects and markets in Asia, which form the centre of gravity of the global LNG business. De la Rey and team have an ambitious growth strategy that is expected to build on this foundation and expand geographically. Our focus on integrated projects is central to the strategy and affords MidOcean the opportunity to capture value across the full LNG value chain.”
“The acquisition of these high quality, cash flowing LNG projects is a significant milestone in MidOcean’s strategy to build a diversified, global ‘pure play’ integrated LNG company that supports the world’s transition to a low-carbon future,” added De la Rey Venter, MidOcean’s CEO. “This transaction accelerates our ambition to be a leading player in the global LNG sector for decades to come, and we look forward to servicing key LNG customers in Japan, Asia, and across the globe.”
Barrenjoey, Barclays, and JP Morgan acted as financial advisors to EIG and MidOcean in connection with the transaction. White & Case acted as legal advisor to EIG and MidOcean.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02042024/midocean-energy-completes-acquisition-of-tokyo-gas-interests-in-australian-lng-projects/
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