JERA to sell stakes in Australia’s Gorgon, Ichthys LNG projects to MidOcean
Japan’s JERA has agreed to transfer its equity interests in the Gorgon LNG and Ichthys LNG projects in Australia to MidOcean Energy as part of a broader effort to streamline its global LNG portfolio.
The agreement, signed through JERA Australia Pty Ltd, will see MidOcean Energy acquire the company’s stakes in both projects. MidOcean is already a joint venture partner in the Gorgon LNG project.
The transaction remains subject to government approvals and other contractual conditions involving project partners.
Despite the divestment, JERA said it plans to continue sourcing LNG from both projects after the transaction closes, supporting its role in Japan’s long-term energy security strategy.
The company said it will maintain a presence in Australia’s LNG sector while focusing on several major projects in its portfolio. These include Chevron’s Wheatstone LNG Project, the Barossa Gas Project operated by Santos in the Northern Territory, and the Scarborough gas field development operated by Woodside Energy in Western Australia.
JERA Senior Managing Executive Officer and Chief Low Carbon Fuel Officer Ryosuke Tsugaru said the company continues to view Australia as a key LNG supply partner.
“JERA, through its founding shareholders Tokyo Electric Power Company and Chubu Electric Power, has participated in seven LNG and gas projects in and around Australia, beginning with the Darwin LNG Project. Since its establishment in 2017, JERA Australia has been responsible for managing and developing LNG projects in the region on behalf of the JERA Group.”
“Australia remains strategically important to JERA as a trusted and reliable supplier of LNG and JERA looks forward to many more years of energy security for Australia, Japan and the region.”
“While we continue to optimize JERA’s asset portfolio, there is no question that both projects have played - and continue to play - a vital role in ensuring the stable supply of LNG and generation of electricity in Japan.”
MidOcean Chairman and EIG CEO R. Blair Thomas said the acquisition aligns with the company’s strategy to expand its global LNG portfolio.
“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.”
JERA and MidOcean said they are also exploring additional opportunities for collaboration across LNG assets globally.
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