JERA Co Inc has signed agreements to sell its minority interests in the Gorgon and Ichthys liquefied natural gas (LNG) production projects in Western Australia to EIG’s MidOcean Energy.
The transactions increase MidOcean’s ownership in Gorgon from 1 percent to 1.417 percent and give MidOcean a 0.735 percent stake in Ichthys.
“Subject to the satisfaction of relevant conditions precedent, the interests in Gorgon and Ichthys will be sold to MidOcean, and then the Ichthys interest shall be transferred, subject to the satisfaction of further conditions, to an existing joint venture participant in the Ichthys LNG project”, MidOcean said in an online statement.
Gorgon comprises three liquefaction trains with a combined production of up to 15.6 million metric tons per annum (MMtpa) of LNG and a domestic gas plant with a capacity of 300 terajoules a day (TJd), according to operator Chevron Corp. Located on Barrow Island, the plants process feed gas from the offshore Gorgon and Jansz-Io fields.
The Houston, Texas-based company operates Gorgon with a 47.33 percent stake. The other owners are the U.S.’ Exxon Mobil Corp (25 percent), Britain’s Shell PLC (25 percent) and Japan’s Daigas Group, formerly Osaka Gas Group (1.25 percent).
Ichthys produces up to 9.3 MMtpa of LNG, 1.65 MMtpa of liquefied petroleum gas and over 100,000 barrels per day of condensate, according to operator INPEX Corp. Feed gas comes from the namesake field located about 820 kilometers (509.52 miles) southwest of Darwin.
Japan’s INPEX operates Ichthys with a 67.82 percent stake. The other owners are France’s TotalEnergies (26 percent), Taiwan’s state-owned CPC Corp (2.63 percent) and Japanese companies Daigas (1.2 percent), Kansai Electric Power Co Inc (1.2 percent) and Toho Gas Co Ltd (0.42 percent).
“This transaction advances MidOcean’s strategy to build a scaled, globally diversified LNG company anchored by high-quality assets and counterparties”, said MidOcean chair and EIG chief executive R. Blair Thomas. “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”.
MidOcean chief executive De la Rey Venter added, “The acquisition adds incremental uncontracted equity volumes, increasing our ability to optimize across our portfolio and capture value through commodity cycles”.
Concurrently MidOcean and JERA agreed to explore “future transactions and opportunities on LNG and adjacent energy transactions globally with the aim of creating a strategic alliance”, MidOcean said.
JERA said it will “maintain a strong presence in key Australian LNG projects and as part of its responsibility to help ensure Japan’s ongoing energy security, will continue to procure LNG from both the Gorgon and Ichthys LNG projects following completion of the corporate transactions”.
JERA said it is refocusing its Australian LNG investment to its “biggest Australian assets” including Chevron-operated Wheatstone, the Santos Ltd-operated Barossa Gas Project and the Woodside Energy Group Ltd-operated Scarborough Energy Project.
JERA and MidOcean expect to complete the transactions in the first half of 2026.
To contact the author, email jov.onsat@rigzone.com
What do you think? We’d love to hear from you, join the conversation on the
Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.
element
var scriptTag = document.createElement(‘script’);
scriptTag.src = url;
scriptTag.async = true;
scriptTag.onload = implementationCode;
scriptTag.onreadystatechange = implementationCode;
location.appendChild(scriptTag);
};
var div = document.getElementById(‘rigzonelogo’);
div.innerHTML += ” +
‘
‘ +
”;
var initJobSearch = function () {
////console.log(“call back”);
}
var addMetaPixel = function () {
if (-1 > -1 || -1 > -1) {
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
} else if (0 > -1 && 75 > -1)
{
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
}
}
// function gtmFunctionForLayout()
// {
//loadJS(“https://www.googletagmanager.com/gtag/js?id=G-K6ZDLWV6VX”, initJobSearch, document.body);
//}
// window.onload = (e => {
// setTimeout(
// function () {
// document.addEventListener(“DOMContentLoaded”, function () {
// // Select all anchor elements with class ‘ui-tabs-anchor’
// const anchors = document.querySelectorAll(‘a .ui-tabs-anchor’);
// // Loop through each anchor and remove the role attribute if it is set to “presentation”
// anchors.forEach(anchor => {
// if (anchor.getAttribute(‘role’) === ‘presentation’) {
// anchor.removeAttribute(‘role’);
// }
// });
// });
// }
// , 200);
//});
