Deal Insight
EIG acquires Australian LNG assets from Tokyo Gas for US$2.15 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Private equity-backed EIG has paid US$2.15 billion for a portfolio of four Australian LNG projects from Tokyo Gas. The deal includes Tokyo Gas' minor interests in Gorgon LNG, Ichthys LNG, Pluto LNG and Queensland Curtis LNG (QCLNG). Third time's the charm. After unsuccessful plays for Santos in 2018, via Harbour Energy, and a stake in APLNG in 2021, EIG appears to have finally landed its coveted Australia LNG position. EIG will acquire the assets via MidOcean Energy, a new company formed to build a diversified, global integrated ‘pure-play' integrated LNG business. Australia provides a firm foundation as one of the world's largest LNG producers, with proximity to Asian buyers and a stable operating environment. Australia also offers strong growth potential for MidOcean as new projects progress and existing partners review portfolio allocation.
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Gorgon LNG (Tokyo Gas WI 1%)
- Ichthys LNG (WI 1.58%)
- Pluto LNG (WI 5%)
- Queensland Curtis LNG (WI 1.25%)
- Deal analysis
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Upsides and risks
- Upsides
- Risks
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Strategic rationale
- EIG
- Tokyo Gas
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- NPV10 / annual cash flow by project
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
What's included
This report contains:
