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MidOcean Energy, an affiliate of institutional energy investor EIG, said Friday it would acquire Tokyo Gas Co. Ltd.’s interests in four Australian LNG export terminals for $2.15 billion.
MidOcean is acquiring stakes in Chevron Corp.’s Gorgon liquefied natural gas plant, Inpex Corp.’s Ichthys LNG, Shell plc’s Queensland Curtis LNG and Woodside Energy Ltd.’s Pluto LNG facility. Tokyo Gas holds a 5% interest in Pluto and a 2.5% or less stake in the other three facilities spanning Australia’s western and eastern seaboards.
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The transaction marks MidOcean’s entrance into the global LNG export market. EIG formed the firm to build an LNG portfolio.
“The launch of MidOcean reflects our deep belief in LNG as a critical enabler of the energy transition and the growing importance of LNG as a geopolitically strategic energy resource,” said EIG CEO R. Blair Thomas.
MidOcean CEO De la Rey Venter said the company sees a “number of opportunities to further expand MidOcean’s position in supplying LNG markets around the world.”
The Tokyo Gas transaction is expected to close in the first half of 2023. If it does, the Australian facilities would provide one million metric tons/year for MidOcean’s LNG portfolio. The facilities are major LNG suppliers for Asia.
Tokyo Gas, which has participated in the Australian projects since 2003, said the move was part of a broader reshuffling of its portfolio as it focuses on allocating more resources to growth areas. The company retained its 3% stake in the Santos Ltd.-operated Darwin LNG facility in Australia’s Northern Territory.
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