WASHINGTON–(BUSINESS WIRE)–Oct. 24, 2024
MidOcean Energy (“MidOcean” or the “Company”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its previously announced agreement to acquire an additional 15% interest in Peru LNG (“PLNG”) from Hunt Oil Company (“Hunt”).
MidOcean’s interest in PLNG now stands at 35%. Hunt will remain the operator of PLNG.
PLNG owns and operates the only LNG export facility in South America, which is located in Pampa Melchorita, 170 kilometers south of Lima, Peru. PLNG’s assets consist of a natural gas liquefaction plant with 4.45 mmtpa processing capacity; a fully-owned 408 kilometer pipeline with 1,290 mmcf/d capacity; two 130,000 m3 storage tanks; a fully-owned 1.4 kilometer marine terminal; and a truck loading facility with a capacity of up to 19.2 mmcf/d. PLNG is operated by Hunt and is one of only two LNG production facilities in Latin America.
Morgan Stanley acted as exclusive financial advisor to MidOcean on the transaction and Latham & Watkins acted as legal advisor. Bracewell LLP served as legal advisor to Hunt.
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 enabler of the energy transition and the growing importance of LNG as a geopolitically strategic energy resource. MidOcean Energy is headed by De la Rey Venter, a 26-year industry veteran who has held a variety of senior executive roles, including Global Head of LNG for Shell Plc.
About EIG
EIG is a leading institutional investor in the global energy and infrastructure sectors, with $24.9 billion under management as of June 30, 2024. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 42-year history, EIG has committed over $48.6 billion to the energy sector through 413 projects or companies in 42 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 Hunt Oil Company
Founded in 1934, Hunt is one of the largest privately held independent oil and gas companies in the United States. Based in Dallas, Texas, the company’s principal areas of operations are located in Peru, the United States and the Kurdistan Region of Iraq, as well as exploration projects in Tunisia and Morocco. Hunt is an active international exploration company and has drilled on all continents other than Antarctica.
For additional information, please visit MidOcean Energy’s website at www.midoceanenergy.com or EIG’s website at www.eigpartners.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024391520/en/
Contact:
EIG/MidOcean Contact
FGS Global
Kelly Kimberly / Brandon Messina
+1 212-687-8080
EIG@fgsglobal.com
Hunt Contact
Paul Schulze
+1 214-978-8534
publicaffairs@huntconsolidated.com
