MidOcean to acquire additional 15% interest in Peru LNG from Hunt Oil
MidOcean Energy, a subsidiary of EIG, and Hunt Oil Company announced on September 16 that they have entered into a definitive agreement for MidOcean to acquire an additional 15% interest in Peru LNG (PLNG) from Hunt.
Upon completion of the transaction, MidOcean’s stake in PLNG will rise from 20% to 35%. Aramco played a key role in the deal, carrying out essential technical and commercial due diligence, and working with stakeholders to secure transaction approval.
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The acquisition will be fully funded by Aramco, which will increase its interest in MidOcean to 49%. This further investment strengthens both MidOcean and Aramco’s presence in the global LNG market and enhances their exposure to South America's only LNG export project, with Aramco gaining an indirect stake of 17.2% in PLNG.
In addition to EIG and Aramco, Mitsubishi Corporation is also an investor in MidOcean.
Hunt’s ownership in PLNG will decrease from 50% to 35%, though it will remain the operator of the project. Hunt also retains a 25.2% interest in the Camisea upstream project in Peru.
PLNG, based in Pampa Melchorita, 170 km south of Lima, operates the only LNG export facility in South America. Its assets include a natural gas liquefaction plant with a processing capacity of 4.45mn tonnes per year, a 408-kilometre pipeline, two 130,000 m³ storage tanks, a 1.4 km marine terminal, and a truck loading facility. The facility is one of only two LNG production plants in Latin America and is operated by Hunt Oil Company.