EIG’s MidOcean Energy has secured a $120 million equity commitment from The Arab Energy Fund (TAEF), toward a $2 billion investment target from newcomers.
The multilateral financial institution’s “significant expertise in energy investments is a strong validation of MidOcean’s strategy to build a leading global LNG business”, MidOcean chair and EIG chief executive R. Blair Thomas said in a joint statement.
“In parallel, EIG and TAEF are seeking collaboration opportunities across energy infrastructure in the Middle East, with the aim of further deepening our relationship”.
TAEF CEO Khalid Al-Ruwaigh said, “LNG continues to play a critical role as a reliable and flexible energy source, and MidOcean’s disciplined approach and high-quality asset base align well with our long-term investment strategy”.
Earlier MidOcean raised $1.29 billion consisting of $500 million from Idemitsu Kosan Co Ltd and $790 million from other new investors and existing ones.
“The investment marks the first step in our full-scale entry into the LNG business”, Japanese company Idemitsu said in a statement March 17.
“Idemitsu is engaged in natural gas development in Vietnam and the supply of natural gas to power plants associated with data centers in North America. Building on this business foundation, we consider that the investment serves as a catalyst to capture the opportunity of participation in the global LNG market through a strategic partnership with MidOcean Energy, a company with strong expertise and experience in deploying capital into the LNG sector”, Idemitsu added.
“[A]s its supply regions are geographically diverse, LNG offers significant strategic value from the perspective of reducing geopolitical risks and enhancing energy security, enabling diversification of procurement sources”, it said.
“Furthermore, in Asia, against the backdrop of rapid population growth and economic development, the demand for LNG is growing, primarily for power generation and industrial applications. Recognizing this market environment, we position LNG as a medium- to long-term growth area”.
“MidOcean will continue to raise capital, with a cumulative target of up to $2 billion from new investors”, MidOcean said separately. “The company has received substantial interest from investors seeking long-term exposure to the LNG sector, supported by strong demand fundamentals, constrained supply growth and LNG’s role in supporting energy security and the energy transition.
“Recent events only reinforce the strength of the MidOcean investment thesis”.
MidOcean holds minority stakes in LNG Canada, which started exporting last year with a capacity of 14 million metric tons per annum (MMtpa); the 15.6-MMtpa Gorgon LNG in Western Australia, exporting since 2016; Western Australia’s 4.9-MMtpa Pluto LNG, which is being expanded; the 8.5-MMtpa Queensland Curtis LNG, which began shipping 2014; and the 4.5 MMtpa Peru LNG, which dispatched its first cargo 2010.
On March 12, 2026 MidOcean said it had signed agreements with Japan’s JERA Co Inc under which MidOcean would increase its ownership in Gorgon from 1 percent to 1.417 percent and acquire a 0.735 percent interest in Ichthys LNG, also in Western Australia. Ichthys, started up 2018, has a declared capacity of 9.3 MMtpa.