MidOcean Energy, Owned by EIG, to Acquire Additional Gorgon LNG Stake from JERA; Parties Explore Strategic Alliance
Washington — MidOcean Energy (“MidOcean”), an LNG company established and managed by EIG, has announced that it has signed a definitive agreement with JERA Co., Inc. (“JERA”) to acquire JERA Gorgon Pty Ltd, which holds a 0.417% stake in the Gorgon LNG project. MidOcean is an existing participant in the Gorgon LNG project, and this transaction increases MidOcean’s ownership in Gorgon to 1.417%. The transaction scope also includes a 0.735% stake held by JERA in the Ichthys LNG project. Subject to the satisfaction of relevant preliminary conditions, the stakes in Gorgon and Ichthys will be sold to MidOcean, and subsequently the Ichthys stake will be transferred, subject to the satisfaction of further conditions, to existing joint venture participants in the Ichthys LNG project.
This acquisition increases MidOcean’s equity exposure to the large-scale, long-life integrated LNG project operated by Chevron, further strengthening its portfolio of high-quality production assets.
Concurrently, MidOcean and JERA plan future collaboration, exploring transactions and opportunities related to LNG and related energy transactions globally with the aim of creating a strategic alliance. This plan reflects a shared objective to pursue controlled growth and unlock additional sources of value across the LNG value chain.
Gorgon LNG is supplied by the Gorgon and Jansz-Io gas fields in the Carnarvon Basin offshore Western Australia and comprises three LNG trains with total installed capacity of approximately 15.6 million tonnes per annum. The project includes domestic gas supply and condensate production, supported by extensive offshore and onshore infrastructure on Barrow Island.
R. Blair Thomas, President of MidOcean and CEO of EIG, stated: “This transaction advances MidOcean’s strategy to build a large-scale, globally diversified LNG company supported by high-quality assets and partners. Increasing our position in Gorgon will enhance the quality and resilience of our portfolio whilst expanding our equity exposure to one of the LNG industry’s benchmark projects. Going forward, our collaboration with JERA, including exploring the formation of a strategic alliance, positions us to pursue additional high-quality opportunities in a disciplined and repeatable manner.”
De la Rey Venter, CEO of MidOcean, stated: “This acquisition adds uncontracted equity volumes on a phased basis, thereby increasing our ability to optimise our portfolio and capture value through commodity cycles. Gorgon is a high-quality, cash-generative asset with a long reserve life and strong operational performance. Strengthening our relationship with JERA will also reinforce our capability to initiate and execute future transactions across the global LNG market.”
Ryosuke Tsugaru, Managing Executive Officer and Chief Low Carbon Fuel Officer, stated: “Australia remains strategically important to JERA as a reliable and dependable LNG supplier, and we value the long-term partnership we have built there. Through our continued portfolio optimisation, we strengthen our ability to support long-term energy security for Australia, Japan, and the broader region. JERA looks forward to collaborating with MidOcean Energy across the LNG value chain.”
The parties plan to complete the transaction during the first half of 2026, subject to customary closing conditions, including regulatory approval.
UBS acted as financial adviser to MidOcean, and White & Case acted as legal adviser.
About EIG
EIG is a leading institutional investor in the global energy and infrastructure sectors with $25.4 billion in assets under management as of 31 December 2025. EIG specialises in private investment in energy and energy infrastructure globally. Over 43 years, EIG has committed $53.4 billion to the energy sector for more than 425 projects or companies in 44 countries across six continents. EIG’s clients comprise numerous leading pension funds, insurance companies, endowments, foundations, and sovereign wealth funds in the US, Asia, and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong, and Seoul.
About MidOcean Energy
MidOcean Energy is an LNG company established and managed by EIG. MidOcean Energy seeks to build a diversified, resilient, and cost- and carbon-competitive global LNG portfolio. This reflects EIG’s belief that LNG is an essential element of a low-carbon, competitive, and more secure global energy system. The company is led by De la Rey Venter, a senior industry figure with 27 years of experience. He has held various senior executive roles, including Global Head of LNG at Shell Plc.