MidOcean Energy (“MidOcean” or the “Company”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, announced the completion of its previously announced agreement to acquire an additional 15% interest in Peru LNG (“PLNG”) from Hunt Oil Company (“Hunt”).
MidOcean’s interest in PLNG now stands at 35%. Hunt will remain the operator of PLNG.
PLNG owns and operates the only LNG export facility in South America, which is located in Pampa Melchorita, 170 kilometers south of Lima, Peru. PLNG’s assets consist of a natural gas liquefaction plant with 4.45 mmtpa processing capacity; a fully-owned 408 kilometer pipeline with 1,290 mmcf/d capacity; two 130,000 m3 storage tanks; a fully-owned 1.4 kilometer 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.
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.
