JERA, a global energy leader and Japan’s largest power generation company has, through its subsidiary JERA Australia Pty Ltd – entered into an agreement with MidOcean Energy, an LNG company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, under which MidOcean will acquire JERA’s interests in the Gorgon LNG Project (in which MidOcean is an existing joint venture partner), and the Ichthys LNG Project.
The transaction is subject to the satisfaction of relevant conditions precedent. The transfers of both projects are subject to government approvals and the satisfaction of contractual conditions with certain project partners.
JERA will maintain a strong presence in key Australian LNG projects and as part of its responsibility to help ensure Japan’s ongoing energy security, will continue to procure LNG from both the Gorgon and Ichthys LNG projects following completion of the corporate transactions.
JERA remains committed to its Australian LNG portfolio and will concentrate on its biggest Australian assets, including:
• A long standing investment in Chevron’s Wheatstone LNG Project in Western Australia, managed via PE Wheatstone Pty Ltd;
• The Barossa Gas Project – newly online, and operated in the Northern Territory by Santos Limited; and
• The Scarborough gas field development project - due to start production in H2 2026 and operated by Woodside Energy in Western Australia.
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.'
JERA and MidOcean are also planning future collaborations, exploring further transactions and opportunities across other assets globally.
Mr. 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.'
About JERA
JERA is a global energy leader and Japan’s largest power generation company focused on providing cutting-edge solutions to the world's energy issues. Established in 2015, the company produces one-third of Japan’s electricity, and is one of the largest LNG buyers in the world. JERA has global reach and strength throughout the energy supply chain, including participation in upstream gas exploration and production, LNG projects, fuel procurement and transportation, and power generation globally.In support of a responsible energy transition, JERA aims to achieve net-zero CO2 emissions from its domestic and overseas businesses by 2050. For more details: https://www.jera.co.jp/english
Source: JERA
