Aramco to Acquire Minority Stake in LNG Firm Midocean Energy

500 Million Dollar Deal Aramco to Acquire Minority Stake in LNG Firm Midocean Energy

2023-10-09 Source: Press release Saudi Aramco 2 min Reading Time

Aramco has entered into definitive agreements to acquire a strategic minority stake in Midocean Energy for 500 million dollars. With this move, Aramco aims to enter the global LNG business.

At the signing ceremony, front row, from left: Midocean Energy CEO De la Rey Venter and Aramco Upstream President Nasir K. Al-Naimi. Back row, from left: EIG Chairman and CEO Blair Thomas and Aramco President & CEO Amin H. Nasser.(Source: Saudi Aramco) — At the signing ceremony, front row, from left: Midocean Energy CEO De la Rey Venter and Aramco Upstream President Nasir K. Al-Naimi. Back row, from left: EIG Chairman and CEO Blair Thomas and Aramco President & CEO Amin H. Nasser.
(Source: Saudi Aramco)

Dhahran/Saudi Arabia – Aramco has signed definitive agreements to acquire a strategic minority stake in Midocean Energy for 500 million dollars. Midocean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors.

Midocean Energy is currently in the process of acquiring interests in four Australian LNG projects, with a growth strategy to create a diversified global LNG business. The strategic partnership with Midocean Energy marks Aramco’s first international investment in LNG.

The agreement builds on the relationship between Aramco and EIG, which was part of a consortium that acquired a 49 % stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, in 2021.

Completion of the transaction is subject to closing conditions which include regulatory approvals. Aramco also has the option to increase its shareholding and associated rights in Midocean Energy in the future.

Stay up to Date

Do you want the latest news, specialist articles and information on new products? Then you can register for our free newsletter:

Choose your Newsletter

Amin H. Nasser, Aramco President & CEO, said: “We are pleased to be strengthening our strategic partnership with EIG through this acquisition, which marks Aramco’s first international investment in LNG. We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries. We believe that gas will be important in meeting the world’s rising need for secure, accessible and more sustainable energy.”

Nasir K. Al-Naimi, Aramco Upstream President, said: “This is an important step in Aramco’s strategy to become a leading global LNG player. We see significant opportunities in this market, which is positioned for structural, long-term growth. Midocean Energy is well-equipped to capitalize on rising LNG demand, and this strategic partnership reflects our willingness to work with leading international players to identify and unlock new opportunities at a global level.”

Blair Thomas, EIG Chairman and CEO, said: “Energy transition informs every investment decision we make, and we believe LNG has a key role to play in enabling an orderly transition that balances society’s twin goals of decarbonization and energy security. Concurrent with that, we believe the LNG industry is ripe for change and there is a role for a nimble, pure-play company like Midocean Energy. While our initial focus is on the announced transactions in Australia, we believe the opportunity set is global. We are excited to expand our existing partnership with Aramco to include this important initiative.”

(ID:49738353)

Subscribe to the newsletter now

Don't Miss out on Our Best Content

Business E-mail

Please enter a valid mailadress.

By clicking on „Subscribe to Newsletter“ I agree to the processing and use of my data according to the consent form (please expand for details) and accept the Terms of Use. For more information, please see our Privacy Policy. The consent declaration relates, among other things, to the sending of editorial newsletters by email and to data matching for marketing purposes with selected advertising partners (e.g., LinkedIn, Google, Meta)

Date: 08.12.2025

Naturally, we always handle your personal data responsibly. Any personal data we receive from you is processed in accordance with applicable data protection legislation. For detailed information please see our privacy policy.

Consent to the use of data for promotional purposes

I hereby consent to Vogel Communications Group GmbH & Co. KG, Max-Planck-Str. 7-9, 97082 Würzburg including any affiliated companies according to §§ 15 et seq. AktG (hereafter: Vogel Communications Group) using my e-mail address to send editorial newsletters. A list of all affiliated companies can be found here

Newsletter content may include all products and services of any companies mentioned above, including for example specialist journals and books, events and fairs as well as event-related products and services, print and digital media offers and services such as additional (editorial) newsletters, raffles, lead campaigns, market research both online and offline, specialist webportals and e-learning offers. In case my personal telephone number has also been collected, it may be used for offers of aforementioned products, for services of the companies mentioned above, and market research purposes.

Additionally, my consent also includes the processing of my email address and telephone number for data matching for marketing purposes with select advertising partners such as LinkedIn, Google, and Meta. For this, Vogel Communications Group may transmit said data in hashed form to the advertising partners who then use said data to determine whether I am also a member of the mentioned advertising partner portals. Vogel Communications Group uses this feature for the purposes of re-targeting (up-selling, cross-selling, and customer loyalty), generating so-called look-alike audiences for acquisition of new customers, and as basis for exclusion for on-going advertising campaigns. Further information can be found in section “data matching for marketing purposes”.

In case I access protected data on Internet portals of Vogel Communications Group including any affiliated companies according to §§ 15 et seq. AktG, I need to provide further data in order to register for the access to such content. In return for this free access to editorial content, my data may be used in accordance with this consent for the purposes stated here. This does not apply to data matching for marketing purposes.

Right of revocation

I understand that I can revoke my consent at will. My revocation does not change the lawfulness of data processing that was conducted based on my consent leading up to my revocation. One option to declare my revocation is to use the contact form found at https://contact.vogel.de. In case I no longer wish to receive certain newsletters, I have subscribed to, I can also click on the unsubscribe link included at the end of a newsletter. Further information regarding my right of revocation and the implementation of it as well as the consequences of my revocation can be found in the data protection declaration, section editorial newsletter.