Hunt Oil Co. has agreed to farm out a 15% interest in Peru LNG (PLNG) to MidOcean Energy.
Following the deal’s closing, MidOcean’s interest in PLNG will increase to 35% from 20%. MidOcean Energy, an LNG company founded and managed by energy and infrastructure investor EIG, acquired its initial 20% interest in PLNG from SK Earthon earlier this year (OGJ Online, Feb. 8, 2024).
Hunt’s interest in PLNG will decrease to 35% from 50%. The company will remain as PLNG operator.
Saudi Aramco will fund MidOcean Energy’s transaction with Hunt, increasing its interest in MidOcean to 49% (OGJ Online, Sept. 28, 2023). Aramco’s indirect stake in PLNG will equate to 17.2%.
PLNG owns and operates the only LNG export plant in South America, which is sited in Pampa Melchorita, 170 km south of Lima, Peru. PLNG is one of only two LNG production plants in Latin America.
PLNG’s assets consist of a natural gas liquefaction plant with 4.45 million tonnes/year processing capacity; a fully owned 408 km pipeline with 1,290 MMcfd capacity; two 130,000 cu m storage tanks; a fully owned 1.4 km marine terminal; and a truck loading facility with capacity up to 19.2 MMcfd.