MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by EIG, has agreed to pay $2.15 billion in cash for a portfolio of four integrated LNG projects in Australia. The seller is Tokyo Gas.
Under the terms of the agreement, MidOcean will acquire Tokyo Gas’s interests in Gorgon LNG, Ichthys LNG, Pluto LNG and Queensland Curtis LNG. These integrated projects span Australia’s western and eastern seaboard and are major suppliers of LNG to Asia and Australia’s domestic gas markets.
The projects have a diverse set of long-dated take-or-pay contracts with investment-grade counterparties, and the portfolio benefits from experienced operators such as Chevron, INPEX, Woodside and Shell. The portfolio, which spans the LNG value chain from upstream operations to midstream, liquefaction and sales, is expected to generate 1 million tonnes per annum of LNG net to MidOcean.
The transaction marks the launch of MidOcean’s strategy to build a high-qualit
