Tokyo Gas’ sale of minority interests across 4 LNG projects in Australia caught the attention of judges and was awarded the Oil & Gas Deal of the Year.  

EIG’s MidOcean Energy in March 2024 completed the acquisition of the Australian LNG portfolio.  

The $2.15 billion acquisition – agreed in October 2022 – will see MidOcean assume control of Tokyo Gas’ interests in projects including: 

• Pluto LNG – 5% stake 

• Queensland Curtis LNG – 1.25% stake 

• Gorgon LNG – 1% stake 

However, between agreement and closing it was revealed that Tokyo Gas’  Ichthys LNG stake would not be sold to MidOcean after INPEX exercised its pre-emptive rights.  

One judge said: “It is a transformative transaction of large magnitude ($2.15bn) involving structuring four distinctive businesses in one process.” 

Another added: “The advisers delivered substantial value-add to the client through complex negotiation of key documents and navigating legal solutions for complex regulatory structuring.” 

The submission said that the deal was a significant step for Tokyo Gas as part of its energy transition strategy, enabling a recycling of capital from LNG projects into global new energy projects. 

Advisers to EIG and MidOcean: 

• Barrenjoey – financial
• Barclays – financial
• JP Morgan – financial
• White & Case – legal 

Advisers to Tokyo Gas: 

• Norton Rose Fulbright – legal 

Advisers to INPEX: 

• Corrs Chambers Westgarth – legal