Mitsubishi Corp. Invests in EIG’s MidOcean Energy

MidOcean Energy, formed and managed by EIG, announced that it received a strategic investment from Mitsubishi Corporation to accelerate its strategy to establish a high quality, diversified, globally integrated LNG company. Mitsubishi’s investment expands MidOcean’s blue-chip investor base that’s been built since launching in 2022.

“Welcoming an industry heavyweight such as Mitsubishi Corp. as an anchor investor and strategic partner accelerates MidOcean’s progress in creating a large-scale, pure play global LNG company,” said R. Blair Thomas, EIG’s Chairman and CEO. “The world’s energy transition needs are contributing to rapid growth in global LNG demand, and we look forward to continuing to execute on this attractive and important opportunity alongside our investors and partners.”

EIG’s MidOcean also completed an acquisition of Tokyo Gas’ interests in a portfolio of integrated LNG projects in Australia. The interest acquisition includes stakes in the Gorgon LNG, Pluto LNG, and Queensland Curtis LNG projects. These projects are led by major operators such as Chevron, Woodside Energy, and Shell, and contains upstream and midstream operations, liquefaction, and sales as part of its LNG value chain. MidOcean will open an office in Perth to support and oversee the projects.

“We are strong believers in the role of LNG as a key enabler of the energy transition and have formed MidOcean to provide partners and investors differentiated exposure to the asset class. With these foundational assets, MidOcean has entered key projects and markets in Asia, which form the center of gravity of the global LNG business,” said Thomas. “De la Rey and team have an ambitious growth strategy that is expected to build on this foundation and expand geographically. Our focus on integrated projects is central to the strategy and affords MidOcean the opportunity to capture value across the full LNG value chain.”

Pluto LNG facility in Western Australia; Image Credits: Woodside Energy

The Gorgon and Pluto LNG projects reside in Western Australia and serve differing functions in the oil and gas industry. The Gorgon Project is a large-scale natural gas project comprised of three trains with a combined capacity of 15.6 MTPA and a domestic gas plant. Energy provided by Gorgon is expected to put Australia in a position to meet future demand and provide clean-burning fuel, both domestically and internationally. The project in is slated to receive high-pressure closures from Sypris Technologies by the end of 2024.

Pluto LNG has been supported by a series of turbomachinery deliveries and will process gas from the offshore Scarborough Joint Venture. Woodside Energy operates the Pluto LNG facility and is in the process of building Pluto Train 2 onsite, using six LM6000PF+ aeroderivative gas turbines and 14 centrifugal compressors from Baker Hughes.

Separate from investments in LNG companies and projects, Mitsubishi Corp. was involved in a recent Series A1 funding round for Quaise Energy’s deep geothermal development. Led by Prelude Ventures and Safar Partners, Mitsubishi and Standard Investments, among other participants, generated $21 million to enhance Quaise’s field operations and supply chain position. The funding aims to improve geologic understanding at pilot plant locations, with Quaise conducting magnetic and seismic surveys to identify the most advantageous areas for initial drilling. Data from the surveys will inform the company where to place the first commercial pilots.