EIG's MidOcean Expands Stake in Major Australian LNG Project

In a move that strengthens its position in the global liquefied natural gas (LNG) market, MidOcean Energy - a company formed and managed by the U.S. investment firm EIG Global Energy Partners (EIG) - has boosted its stake in a major LNG project off the northwest coast of Western Australia. According to an announcement from Offshore Energy, MidOcean has expanded its exposure to the Gorgon LNG project, one of the world's largest natural gas projects. The Gorgon facility, operated by Chevron, has the capacity to produce up to 15.6 million tonnes of LNG per year. MidOcean, which was established by EIG in 2021 to acquire and manage a portfolio of LNG assets, has not disclosed the size of its increased stake in the Gorgon project. However, the acquisition further solidifies EIG's foothold in the fast-growing global LNG market, which is expected to see robust demand in the coming decades as countries transition away from dirtier fossil fuels. 'This transaction represents another important milestone in the growth of MidOcean's global LNG portfolio,' said EIG CEO R. Blair Thomas in a statement. 'Gorgon is a world-class asset, and we are pleased to expand our interest and partnership with the project's world-class operator, Chevron.' The Gorgon LNG project, which began production in 2016, is a joint venture between Chevron (47.3%), ExxonMobil (25%), Shell (25%), Osaka Gas (1.25%), Tokyo Gas (1%) and JERA (0.417%). The facility exports LNG to customers in Asia, helping to meet the region's growing energy demands.