MidOcean Completes Purchase of 15% Interest in Peru LNG from Hunt Oil

(Energy Analytics Institute, 24.Oct.2024) — MidOcean Energy, formed and managed by EIG, announced the completion of its previously announced agreement to acquire an additional 15% interest in Peru LNG (PLNG) from Hunt Oil Company.

MidOcean’s interest in PLNG now stands at 35%, while Hunt will remain the operator of PLNG, MidOcean announced 24 Oct. 2024 in an official statement.

PLNG owns and operates the only LNG export facility in South America, which is located in Pampa Melchorita, 170 km south of Lima, Peru.

PLNG’s assets consist of a natural gas liquefaction plant with 4.45 mtpa processing capacity; a fully-owned 408 km pipeline with 1,290 MMcf/d capacity; two 130,000 m3 storage tanks; a fully-owned 1.4 km marine terminal; and a truck loading facility with a capacity of up to 19.2 MMcf/d.

PLNG is operated by Hunt and is one of only two LNG production facilities in Latin America. The other being the 4-train Atlantic LNG facility in Trinidad and Tobago. However, owing to a scarcity of natural gas feedgas, Atlantic LNG is only operating with three trains, according to details published by Trinidad and Tobago’s Ministry of Energy and Energy Industries (MEEI).

Morgan Stanley acted as exclusive financial advisor to MidOcean on the transaction and Latham & Watkins acted as legal advisor. Bracewell LLP served as legal advisor to Hunt.

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By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.