KUALA LUMPUR, Oct 11 (Bernama) -- MidOcean Energy (MidOcean), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, has entered into a definitive agreement with Tokyo Gas Co Ltd (Tokyo Gas) to acquire Tokyo Gas’ interests in a portfolio of four Australian integrated LNG projects.
“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 chairman and chief executive officer R. Blair Thomas in a statement.
“We believe this transaction provides MidOcean with a foundational portfolio of cost-advantaged integrated LNG assets in a low-risk jurisdiction, ideally positioned to supply key customers in Japan, Asia and across the globe for decades to come.”
Under the terms of the agreement, MidOcean will acquire Tokyo Gas’ interests in Gorgon LNG, Ichthys LNG, Pluto LNG and Queensland Curtis LNG for a total cash consideration of US$2.15 billion. (US$1 = RM4.666)
These integrated projects span Australia’s western and eastern seaboard and are major suppliers of LNG to Asia, with a diverse set of long-dated take or pay contracts with investment grade counterparties. They also supply to Australia’s domestic gas markets.
The portfolio is expected to generate approximately one million tonnes per annum of LNG net to MidOcean; the production is underpinned by long-life reserves and a globally competitive cost structure.
The portfolio benefits from experienced operators, including Chevron, INPEX, Woodside and Shell, and spans the LNG value chain from upstream operations to midstream, liquefaction and sales.
The transaction is expected to close in the first half of 2023, subject to customary closing conditions, including Australian regulatory approvals.
More details at www.eigpartners.com.
-- BERNAMA
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