EIG’S MIDOCEAN ENERGY EXPANDS GORGON LNG STAKE THROUGH JERA ACQUISITION

 

KUALA LUMPUR, March 12 (Bernama) -- MidOcean Energy (MidOcean), a liquefied natural gas (LNG) company formed and managed by EIG, announced it has signed definitive agreements with JERA Co Inc (JERA) to acquire JERA Gorgon Pty Ltd, which holds a 0.417 per cent interest in the Gorgon LNG project.

Following the transaction, MidOcean’s stake in Gorgon will increase to 1.417 per cent. The deal also includes JERA’s 0.735 per cent interest in the Ichthys LNG project, which will be subsequently transferred to an existing Ichthys joint venture participant.

In a statement, MidOcean Chairman and EIG Chief Executive Officer (CEO), R. Blair Thomas said the acquisition aligns with the company’s strategy to build a scaled, globally diversified LNG business anchored by high-quality assets.

Meanwhile, MidOcean CEO, De la Rey Venter highlighted the incremental uncontracted equity volumes and the long reserve life of Gorgon, emphasising the potential to capture value across commodity cycles.

JERA Senior Managing Executive Officer and Chief Low Carbon Fuel Officer, Ryosuke Tsugaru noted the importance of Australia as a reliable LNG supplier and the value of ongoing collaboration with MidOcean to support long-term energy security in the region.

The acquisition strengthens MidOcean’s portfolio by increasing its exposure to large-scale, long-life, integrated LNG assets operated by Chevron.

In parallel, MidOcean and JERA plan to explore further collaborations globally across LNG and related energy transactions, aiming to establish a strategic alliance to pursue disciplined growth and unlock additional value across the LNG value chain.

Gorgon LNG, supplied by the Gorgon and Jansz-Io gas fields offshore Western Australia, consists of three LNG trains with a combined nameplate capacity of roughly 15.6 million tonnes per annum (Mtpa), alongside domestic gas and condensate production supported by extensive onshore and offshore infrastructure on Barrow Island.

The transaction is expected to close in the first half of 2026, subject to customary regulatory approvals.

UBS acted as financial advisor to MidOcean, with White & Case serving as legal counsel.

-- BERNAMA