MidOcean Energy, a company managed by EIG, announced the acquisition of an additional stake in the Gorgon LNG project, one of Australia’s most significant complexes.
The transaction includes the purchase of JERA Gorgon Pty Ltd, which holds a 0.417% stake in the project, raising MidOcean’s total stake in Gorgon LNG to 1.417%. The agreement also includes JERA’s 0.735% interest in the Ichthys LNG project, which will later be transferred to a joint venture linked to this asset.
Stake in Gorgon LNG
The Gorgon LNG project, operated by Chevron, is located off the coast of Western Australia and has an approximate production capacity of 15.6 million tonnes per year. Its development includes three liquefaction trains, domestic gas supply and condensate production, supported by offshore and onshore infrastructure on Barrow Island.
In this context, the acquisition allows MidOcean to increase its exposure to a long-life asset with strong operational performance, consolidating a portfolio focused on high-quality LNG projects.
Growth strategy and portfolio optimization
From a strategic standpoint, the transaction aligns with EIG’s goal of building a diversified global LNG platform. The increase in uncontracted volumes provides greater commercial flexibility and the ability to capture value across energy market cycles.
According to company executives, strengthening the position in Gorgon improves portfolio durability and increases exposure to one of the LNG industry’s most representative assets.
Toward a strategic partnership in the energy sector
In parallel, MidOcean Energy and JERA have begun talks to develop a potential strategic partnership. This collaboration aims to explore new investment opportunities and transactions across the LNG value chain and related energy sectors globally.
For its part, JERA highlighted the importance of Australia as a reliable LNG supplier and underscored that optimizing its portfolio helps strengthen energy security in Asia and other regions.
Finally, the transaction is subject to customary conditions, including regulatory approvals, and is expected to close in the first half of 2026. UBS acted as MidOcean’s financial advisor, while White & Case provided legal counsel.
Source and photo: MidOcean Energy