MidOcean closes deal to acquire stake in Australian LNG projects sans Ichthys

MidOcean Energy completed a deal signed in 2022 to acquire Tokyo Gas Co. Ltd.’s interests in a portfolio of Australian integrated LNG projects.

The acquisition includes Tokyo Gas's 5% interest in Pluto LNG (operated by Woodside Energy Group Ltd.), 2.5% of Train 2 in Queensland Curtis LNG (operated by Shell PLC), and 1% of Gorgon LNG (operated by Chevron Corp).

The concluded acquisition excludes Tokyo Gas’s previous 1.575% share in the Inpex Corp.-operated Ichthys LNG project.

In October 2022, MidOcean, an LNG company formed and operated by EIG Global Energy Partners, agreed to a deal with Tokyo Gas to acquire its interests in all four of the projects, which at the time, included the Ichthys LNG project (OGJ Online, Oct. 10, 2022).

In January 2024, in accordance with the relevant joint operating agreements and shareholder’s agreement, Tokyo Gas notified the proposed sale to Ichthys’ participating interest holders whereupon Inpex exercised its preemptive rights to acquire Tokyo Gas’s participating interest.

Through that deal, Inpex increased its participating interest in the Ichthys LNG project to 67.82% from 66.245%. Participating interest includes a stake in Block WA-50-L and Block WA-51-L including Ichthys gas condensate field, shares of Ichthys LNG Pty Ltd., and participating interest in exploration permit WA-285-P.

As part of the newly closed transaction with Tokyo Gas, MidOcean will open an office in Perth, Australia, to support and oversee projects.