MidOcean Energy, a liquefied natural gas company established and managed by global energy investor EIG, has entered into definitive agreements with JERA Co, Inc to acquire JERA Gorgon Pty Ltd, the entity that holds JERA’s 0.417 percent ownership in the Gorgon LNG project in Western Australia. MidOcean is already a participant in the project, and the acquisition will increase the company’s total equity interest in Gorgon to 1.417 percent. The agreement also includes JERA’s 0.735 percent stake in the Ichthys LNG project, which forms part of the transaction structure.
Following completion of the deal and fulfillment of required conditions, MidOcean will initially acquire both the Gorgon and Ichthys interests. The Ichthys stake will subsequently be transferred to an existing participant within the Ichthys LNG joint venture, subject to additional approvals and closing conditions.
The move further strengthens MidOcean’s position in large-scale LNG infrastructure and expands its exposure to long-life production assets within the global energy market. The Gorgon LNG project, located on Barrow Island off the coast of Western Australia, is supplied by the Gorgon and Jansz-Io gas fields situated in the Carnarvon Basin. The development includes three liquefaction trains with a combined nameplate capacity of approximately 15.6 million tonnes of LNG per year. The project also produces domestic gas and condensate and is supported by extensive offshore and onshore infrastructure.
R Blair Thomas, Chairman of MidOcean and Chief Executive Officer of EIG, said the transaction aligns with the company’s strategy of building a globally diversified LNG portfolio anchored by high-quality assets. “This acquisition advances MidOcean’s objective of developing a scaled LNG platform supported by reliable partners and long-term production assets,” Mr Thomas said. “Increasing our participation in Gorgon enhances the overall resilience and quality of our portfolio while strengthening our position in one of the most established LNG projects in the industry.”
Beyond the immediate transaction, MidOcean and JERA have also indicated their intention to explore broader collaboration opportunities across the global LNG market. The two organizations plan to evaluate potential deals and projects together with the goal of forming a strategic alliance focused on value creation throughout the LNG value chain.
De la Rey Venter, Chief Executive Officer of MidOcean Energy, noted that the additional equity from the acquisition will improve the company’s ability to manage supply volumes and capture opportunities across different commodity cycles. “The incremental uncontracted volumes associated with this transaction provide greater flexibility for portfolio optimization,” Mr Venter said. “Gorgon represents a high-quality asset with strong operational performance and a long reserve life. Strengthening our partnership with JERA also enhances our ability to pursue additional opportunities within the global LNG sector.”
JERA’s Senior Managing Executive Officer and Chief Low Carbon Fuel Officer, Ryosuke Tsugaru, emphasized the importance of Australia within the company’s global LNG supply strategy. “Australia continues to be a reliable and strategically important LNG supplier for JERA,” Mr Tsugaru said. “Through portfolio optimization efforts such as this transaction, we aim to strengthen our ability to support energy security in Japan, Australia, and the wider Asia-Pacific region. We look forward to working with MidOcean Energy to explore new opportunities within the LNG market.”
The companies expect to complete the transaction during the first half of 2026, subject to regulatory approvals and customary closing conditions. UBS served as financial advisor to MidOcean, while White & Case acted as legal advisor for the transaction.
EIG is a global institutional investor specializing in energy and infrastructure sectors, managing $25.4 billion in assets as of December 31, 2025. Over the past four decades, the firm has invested more than $53 billion in energy projects and companies across 44 countries. EIG’s clients include major pension funds, insurance companies, endowments, foundations, and sovereign wealth funds across North America, Europe, and Asia.
MidOcean Energy is an LNG-focused company established and managed by EIG. The organization aims to develop a diversified and resilient LNG portfolio that supports a more secure and lower-carbon global energy system. MidOcean holds interests in several major LNG assets, including Gorgon LNG, Pluto LNG, QCLNG, and Peru LNG. The company is led by CEO De la Rey Venter, a veteran of the LNG industry with more than two decades of global experience.
