Saudi Aramco has announced the acquisition of a minority stake in U.S.-based MidOcean Energy, a company that is looking to acquire interests in Australian LNG
Presently, MidOcean Energy is securing interests in four Australian LNG projects, with indications that further acquisitions are on the horizon.Saudi Aramco, the world's foremost national oil and gas company, has boosted its investment activity with the announcement of the acquisition of a minority stake in U.S.-based MidOcean Energy, owned by EIG, a prominent institutional investor in energy and infrastructure sectors.
Notably, Aramco and EIG are not newcomers to collaboration, having been part of a consortium that acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, in 2021. This investment in global LNG marks Aramco's foray into non-oil-related sectors, reflecting the company's ambition to diversify its portfolio. Additionally, Aramco holds an option to increase its overall shareholding in MidOcean Energy in the future.
EIG's CEO and Chairman, Blair Thomas, reaffirmed their commitment to the energy transition, highlighting the LNG industry's readiness for change and the potential role of agile, specialized companies like MidOcean Energy. MidOcean Energy's CEO, De la Rey Venter, also expressed confidence in Aramco's long-term commitment to exploring new opportunities.
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