Page 9 - GLNG Week 40 2022

GLNG AUSTRAL ASIA GLNG

EIG vehicle snaps up

stakes in Australian LNG

projects for $2.15bn

PROJECTS MIDOCEAN Energy, backed by US private and sales,” it added.
equity group EIG, has struck a deal to acquire EIG added that the acquisition represented
Tokyo Gas’ interests in four integrated Austral- the start of MidOcean’s strategy to build a
ian LNG projects for $2.15bn in cash, EIG said in high-quality, diversified, global pure play inte-
a statement on October 7. grated LNG company and “leverages EIG’s
The projects – Gorgon LNG, Ichthys LNG, extensive investing experience in the global LNG
Pluto LNG and Queensland Curtis LNG – are sector, underpinned by several billions dollars
situated on Australia’s east and west coasts and of commitments to multiple LNG projects over
are major suppliers of LNG to Asian markets. the past 20 years.” This includes EIG’s recent pur-
They have “a diverse set of long-dated take-or- chase of a controlling stake in GNL Quintero, the
pay contracts with investment-grade counter- largest LNG regasification terminal in Chile.
parties and to Australia’s domestic gas markets,” MidOcean Energy was launched only this
EIG said. summer, with EIG hiring LNG veteran De la Rey
The shares that MidOcean is set to acquire Venter, formerly with Shell, as its CEO in June.
give the company a portfolio of 1mn tonnes per “We see a number of opportunities to expand
year (tpy) of LNHG supply and “production that further MidOcean’s position in supplying LNG
is underpinned by long-life reserves and a glob- markets around the world and look forward to
ally competitive cost structure,” EIG SAID. working with our new partners and customers,”
“The portfolio benefits from experienced Venter said in a statement.
operators, including Chevron, Inpex, Woodside The deal is set to be closed in the first half of
and Shell, and spans the LNG value chain from 2023, subject to customary closing conditions,
upstream operations to midstream, liquefaction including approval by Australian regulators.™

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