(WO) — JERA has agreed to transfer its equity interests in the Gorgon and Ichthys LNG projects in Australia to MidOcean Energy as part of a broader effort to reshape its LNG portfolio.
The agreement, executed through JERA Australia Pty Ltd, will see MidOcean acquire JERA’s stakes in both projects. The transaction remains subject to regulatory approvals and contractual conditions with project partners.
Despite the divestment, JERA said it will continue procuring LNG from the Gorgon and Ichthys projects, maintaining supply to support Japan’s energy security.
The move is part of a broader strategy to concentrate investment in several key Australian gas developments, including Chevron’s Wheatstone LNG project, the Barossa gas project operated by Santos, and the Scarborough gas development led by Woodside Energy, which is expected to begin production in the second half of 2026.
JERA Senior Managing Executive Officer and Chief Low Carbon Fuel Officer, Mr Ryosuke Tsugaru, said:
“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 said the acquisition supports its strategy to expand a diversified global LNG portfolio.
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.”
JERA said the companies may also explore additional collaboration opportunities across other global energy assets.
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