MidOcean Energy and INPEX Corporation have finalised the acquisition of Tokyo Gas’ interests in four Australian integrated liquefied natural gas (LNG) projects, valued at USD2.15 billion.
White & Case, led by partner Brendan Quinn, has acted for MidOcean to purchase three projects: Gorgon LNG, Pluto LNG and Queensland Curtis LNG. The team included partners Lee Carroll (Melbourne), Kate Perumal and Roman Picharak (both Sydney), Kristian Bradshaw (Tokyo), as well as counsel Sidney Tang, Ben Wu (both Sydney), Paul Marshall (Melbourne) and Ee Lynn Tan (Singapore).
“This is an important transaction for MidOcean, which involved bespoke structuring and detailed analysis of three separate LNG projects, each with its own joint venture and shareholding arrangements,” said Quinn.
INPEX acquired the interests in the fourth project — Ichthys LNG.
Norton Rose Fulbright advised Tokyo Gas and related entities throughout the sale process. Partners George Gibson, Martin Irwin and Julian Traill, along with Troy McKelvie, Alistair Black and Nick Sinclair, led the multidisciplinary team, which provided co-ordination across multiple jurisdictions. Tokyo Gas’ decision to divest its minority interests in the Gorgon, Pluto, Queensland Curtis, and Ichthys LNG projects was completed on 28 March 2024.
Irwin said: “Tokyo Gas’ sale of its minority interests in four LNG projects represents one of the most significant recent transactions in the Australian energy sector and will help to support its ongoing investment in energy transition.”
