MidOcean Energy Secures $4B for LNG Expansion Projects
MidOcean Energy has successfully concluded its funding round for the year, securing over $4 billion in closed and pending commitments from both new and existing investors. The pure-play liquefied natural gas (LNG) company, managed by Washington-based EIG, exceeded its original target of $2 billion, reflecting strong confidence in its strategy and growth outlook. New investors include the Private Department of Sheikh Mohammed bin Khalid Al Nahyan, Idemitsu Kosan, NYK Line, The Arab Energy Fund, Shizuoka Gas, and certain Korean institutional investors.
MidOcean is expanding its involvement in the LNG sector through phase 2 of LNG Canada in British Columbia. The company has partnered with Petroliam Nasional Bhd (Petronas) to increase associated LNG volumes from 0.7 mtpa to 1.4 mtpa. This participation will deepen MidOcean's position across the integrated LNG value chain, including upstream gas production and liquefaction. LNG Canada, which began operations last year, expects to double its capacity to 28 MMtpa by building two additional trains, with phase 2 operations slated for the early 2030s.
In addition to its Canadian projects, MidOcean has signed a deal to acquire a 50 percent stake in Delfin Midstream Inc's second floating LNG production vessel, positioned offshore Louisiana. The company is also collaborating on future pre-development activities for a potential third floating LNG vessel. In Australia, MidOcean will acquire JERA's 0.417 percent stake in Gorgon LNG, raising its stake to 1.417 percent.
EIG chief executive and MidOcean chair Blair Thomas emphasized the essential role of LNG in supporting energy security and global economic growth. He highlighted the importance of geographic diversification and the ability to reliably serve clients from multiple delivery points. MidOcean chief executive De la Rey Venter noted the advantages of LNG Canada, including its scale, resource depth, and access to global markets.