MidOcean now holds a 35% interest in Peru LNG. Credit: Juozas Baltiejus/Shutterstock.

LNG company MidOcean Energy has acquired an additional 15% interest in Peru LNG (PLNG) in South America from US-based Hunt Oil Company, bringing its total interest to 35%.

Hunt Oil will remain the operator of the facility.

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Last month, MidOcean Energy signed a definitive agreement to acquire this additional 15% interest in Peru LNG.  

This acquisition is fully funded by Saudi Aramco and will take its ownership in MidOcean to 49%. With the deal completion, Aramco’s indirect stake in Peru LNG is 17.2%.  

MidOcean acquired the initial 20% stake in PLNG from SK earthon in April 2024. Other companies in the Peru LNG consortium include South Korean SK Energy, Spanish Repsol and Japanese Marubeni.

PLNG is said to be the only LNG export facility in South America, situated 170km south of Lima in Peru.

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The facility’s assets include a natural gas liquefaction plant with a capacity of 4.45mtpa, a 408km pipeline, and two storage tanks with a capacity of 130,000m³.

It also comprises a fully owned 1.4km marine terminal and a truck loading facility with a capacity of up to 19.2 million cubic feet per day (mcf/d).

The transaction, advised financially by Morgan Stanley and legally by Latham & Watkins for MidOcean, and Bracewell for Hunt, is part of a broader strategy to monetise Peru’s natural gas resources.

Inaugurated in March 2024, PLNG represents the largest single-project investment in Peru’s history, with a total investment of $3.8bn (14.24bn new sol).

Through a contract with Transportadora de Gas del Peru, the PLNG pipeline can transport up to 550mcf/d of natural gas to meet Peruvian market needs, improving access for electricity generation, industrial use, natural gas vehicles and households.