MidOcean Energy, a liquefied natural gas company formed and managed by EIG, announced that it has entered into definitive agreements with JERA Co., Inc. to acquire JERA Gorgon Pty Ltd, which holds JERA’s 0.417% interest in the Gorgon LNG project in Australia.
MidOcean is already a participant in the project, and the acquisition will increase its equity interest in Gorgon to 1.417%. The transaction also includes JERA’s 0.735% interest in the Ichthys LNG project. Under the agreement, MidOcean will initially acquire both the Gorgon and Ichthys interests, after which the Ichthys stake will be transferred to an existing joint venture participant in the Ichthys LNG project, subject to additional conditions.
The deal expands MidOcean’s exposure to one of the world’s major LNG developments. The Gorgon LNG project, operated by Chevron, is supplied by the Gorgon and Jansz-Io gas fields in the Carnarvon Basin offshore Western Australia. The facility includes three LNG trains with a total nameplate capacity of approximately 15.6 million tonnes per annum and features integrated infrastructure on Barrow Island supporting domestic gas supply and condensate production.
The acquisition is also expected to provide MidOcean with additional uncontracted LNG volumes, enhancing the company’s ability to optimize its portfolio and respond to commodity market cycles. The company said the increased stake strengthens its position in a large-scale project known for long reserve life and consistent operating performance.
Alongside the transaction, MidOcean and JERA said they plan to explore broader collaboration opportunities across the global LNG value chain. The companies indicated that they are evaluating potential future transactions and partnerships to form a strategic alliance focused on LNG and adjacent energy assets worldwide.
The transaction is expected to close in the first half of 2026, subject to customary conditions including regulatory approvals. UBS acted as financial advisor to MidOcean, while White & Case served as legal advisor.
MidOcean Energy was established by global energy investor EIG to build a diversified LNG portfolio spanning multiple geographies and projects. The company’s existing interests include stakes in Gorgon LNG, Pluto LNG, QCLNG and Peru LNG.
EIG is an institutional investor specializing in global energy and infrastructure investments. As of December 31, 2025, the firm managed $25.4 billion in assets and has committed more than $53.4 billion across 425 energy projects or companies in 44 countries during its history.
KEY QUOTES:
“This transaction advances MidOcean’s strategy to build a scaled, globally diversified LNG company anchored by high-quality assets and counterparties. Increasing our position in Gorgon enhances the quality and durability of our portfolio while expanding our equity exposure to one of the industry’s benchmark LNG projects. Looking ahead, our collaboration with JERA including exploring the establishment of a strategic alliance positions us to pursue additional high-quality opportunities in a disciplined and repeatable way.”
R. Blair Thomas, Chairman of MidOcean And CEO Of EIG
“The acquisition adds incremental uncontracted equity volumes, increasing our ability to optimise across our portfolio and capture value through commodity cycles. Gorgon is a high-quality, cash-generative asset with long reserve life and strong operating performance. Deepening our relationship with JERA also strengthens our ability to originate and execute future transactions in the global LNG market.”
De La Rey Venter, CEO Of MidOcean Energy
“Australia remains strategically important to JERA as a trusted and reliable LNG supplier, and we value the longstanding partnerships we have built there. Through our ongoing portfolio optimisation, we are strengthening 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.”
Ryosuke Tsugaru, Senior Managing Executive Officer And Chief Low Carbon Fuel Officer Of JERA
