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MidOcean acquires Tokyo Gas’ stakes in Australian LNG projects

The $2.1bn deal includes stakes in the Gorgon LNG, Pluto LNG, and Queensland Curtis LNG projects.

MidOcean Energy, a portfolio company of private equity investor EIG, has completed the acquisition of Tokyo Gas‘ interests in a portfolio of integrated LNG projects in Australia.

The $2.1bn all-cash deal was first announced in October 2022.

The deal includes stakes in the Gorgon LNG, Pluto LNG, and Queensland Curtis LNG projects, which are operated by Chevron, Woodside, and Shell, respectively.

The acquired portfolio spans the entire LNG value chain, from upstream operations to midstream, liquefaction, and sales.

MidOcean CEO De la Rey Venter 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.”

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