MidOcean Energy, Hunt Oil Finalize 15% Interest Acquisition in Peru LNG

EIG’s MidOcean Energy completed the formerly announced agreement to acquire an additional 15% interest in Peru LNG (PLNG) from Hunt Oil Co. Hunt will remain the sole operator of PLNG, with MidOcean Energy’s total interest rising to 35%. PLNG owns and operates the lone LNG export facility in South America and is one of two LNG production facilities in Latin America—the site is located in Pampa Melchorita, 170 km south of Lima, Peru.

PLNG’s Assets

• Natural gas liquefaction plant with 4.45 mmtpa processing capacity
• A fully owned 408-km pipeline with 1,290 mmcf/d capacity
• Two 130,000 m³ storage tanks
• A fully owned 1.4-km marine terminal
• Truck loading facility with a capacity of up to 19.2 mmcf/d

Additional MidOcean News

In April 2024, MidOcean Energy announced a strategic investment from Mitsubishi Corp. to accelerate its strategy to establish a high quality, diversified, globally integrated LNG company. Mitsubishi’s investment expands MidOcean’s blue-chip investor base that’s been built since launching in 2022.

In March, MidOcean Energy finalized its agreement to acquire Tokyo Gas’ interests in a portfolio of integrated LNG projects in Australia. The interest acquisition includes stakes in the Gorgon LNG, Pluto LNG, and Queensland Curtis LNG projects. These projects are benefitted by experience from operators such as Chevron, Woodside Energy, and Shell, and contains upstream and midstream operations, liquefaction, and sales as part of its LNG value chain. Per the terms of the acquisition, MidOcean will open an office in Perth to support and oversee the projects.

“We are believers in the role of LNG as a key enabler of the energy transition and have formed MidOcean to provide partners and investors differentiated exposure to the asset class,” said R. Blair Thomas, EIG’s Chairman and CEO. “With these assets, MidOcean has entered key projects and markets in Asia, which form the center of gravity of the global LNG business. De la Rey and team have a growth strategy that is expected to build on this foundation and expand geographically.”

Australian Project Breakdown

The Gorgon Project is a large-scale natural gas project comprised of three trains with a combined capacity of 15.6 MTPA and a domestic gas plant. Energy provided by Gorgon is expected to put Australia in a position to meet future demand and provide clean-burning fuel, both domestically and internationally. The project in is slated to receive high-pressure closures from Sypris Technologies by the end of 2024.

Pluto LNG also resides in Western Australia and has been supported by turbomachinery deliveries for its role in processing gas from the offshore Scarborough Joint Venture. Woodside is the sole operator of the Pluto LNG facility and is currently building Pluto Train 2 onsite. The development of the second LNG train was made possible with Baker Hughes’ delivery of six LM6000PF+ aeroderivative gas turbines and 14 centrifugal compressors.

The Queensland Curtis LNG project is located on Curtis Island, Gladstone, and involves the conversion of coal-seam gas (CSG) reserves into LNG as well as expanding exploration and development of CSG reserves in southern and central Queensland. Project development includes a gas field pipeline, LNG plant, swing basin and channel, and shipping operations. Construction began in 2010.