MidOcean Energy acquires stakes in three Australian LNG projects

Liquefied natural gas (LNG) specialist MidOcean Energy has acquired Tokyo Gas’ interests in several Australian LNG projects and will open an office in Perth to support the developments.

Specifically, the company said today (28th March) that it has acquired stakes in the Gorgon LNG, Pluto LNG, and Queensland Curtis LNG projects.

Other operators involved with the Australian sites include Chevron, Woodside, and Shell.

Blair Thomas, Chairman and CEO of EIG, which manages MidOcean Energy, described the transaction as a significant milestone in MidOcean’s strategy to build a diversified, globally integrated LNG business.

He continued, “With these foundational assets, MidOcean has entered key projects and markets in Asia, which form the centre of gravity of the global LNG business.”

“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.”

Gorgon LNG is one of the world’s largest LNG projects. It is comprised of a three-train, 15.6 million tonnes per annum LNG facility and a domestic gas plant with the capacity to supply 300 terajoules of gas per day to Western Australia.

Pluto LNG processes gas from the offshore Pluto and Xena gas fields in Western Australia. Gas is piped through a 180 km trunkline to a single onshore LNG-processing train.

Woodside is developing a brownfield expansion of Pluto LNG through the construction of a second gas processing train. Pluto Train 2 would have a capacity of about five million tonnes per annum.

Queensland Curtis LNG (QCLNG) has 8.5 million tonnes per annum of capacity and will continue to generate revenue for at least two decades.

De la Rey Venter, CEO of MidOcean, said, “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.”

“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.”