EIG’s MidOcean Energy to Acquire Additional Gorgon LNG Interest from JERA; Parties Explore Strategic Alliance

• Transaction increases MidOcean’s equity exposure to premier Australian LNG project
• Adds incremental uncontracted LNG volumes, enhancing portfolio optimization and marketing flexibility
• Planning future collaborations, exploring further transactions and opportunities with JERA across other assets globally with the aim of creating a future strategic alliance

WASHINGTON--(BUSINESS WIRE)--MidOcean Energy (“MidOcean”), a liquefied natural gas (LNG) company formed and managed by EIG, today announced it has entered into definitive agreements with JERA Co., Inc. (“JERA”) to acquire JERA Gorgon Pty Ltd, which holds JERA’s 0.417% interest in the Gorgon LNG project. MidOcean is an existing participant in the Gorgon LNG project, and this transaction increases MidOcean’s interest in Gorgon to 1.417%. The transaction perimeter also includes JERA’s 0.735% interest in the Ichthys LNG project. 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.

The acquisition increases MidOcean’s equity exposure to a large-scale, long-life, integrated LNG project operated by Chevron, further strengthening its portfolio of high-quality producing assets.

In parallel, MidOcean and JERA plan future collaborations, exploring future transactions and opportunities on LNG and adjacent energy transactions globally with the aim of creating a strategic alliance. This reflects a shared objective to pursue disciplined growth and unlock additional sources of value across the LNG value chain.

Gorgon LNG is supplied by the Gorgon and Jansz-Io gas fields in the Carnarvon Basin offshore Western Australia and comprises three LNG trains with total nameplate capacity of approximately 15.6 Mtpa. The project includes domestic gas supply and condensate production, supported by extensive offshore and onshore infrastructure on Barrow Island.

R. Blair Thomas, MidOcean Chairman and EIG CEO, said:

“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.”

De la Rey Venter, CEO of MidOcean, said:

“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.”

JERA Senior Managing Executive Officer and Chief Low Carbon Fuel Officer, Mr Ryosuke Tsugaru, said:

“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.”

The parties aim to close the transaction during the first half of 2026, subject to customary closing conditions, including regulatory approvals.

UBS acted as financial advisor to MidOcean, and White & Case acted as legal advisor.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $25.4 billion assets under management as of December 31, 2025. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 43-year history, EIG has committed over $53.4 billion to the energy sector through 425 projects or companies in 44 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.

About MidOcean Energy

MidOcean Energy, an LNG company formed and managed by EIG, seeks to build a diversified, resilient, cost- and carbon-competitive global LNG portfolio. It reflects EIG’s belief in LNG as a critical element of a lower carbon, competitive and more secure global energy system. MidOcean Energy has diverse LNG interests, including in Gorgon LNG, Pluto LNG, QCLNG and Peru LNG. The company is headed by De la Rey Venter, a 27-year industry veteran who has held a variety of senior executive roles, including Global Head of LNG for Shell Plc.

For additional information, please visit MidOcean Energy’s website at www.midoceanenergy.com or EIG’s website at www.eigpartners.com.