US oil group MidOcean Energy ups stake in Peru LNG

Independent oil and gas company MidOcean Energy has reportedly increased its stake in Peru LNG by 4.2%.

The deal brings MidOcean's total ownership of the LNG plant and associated gas-fired power plant to 43.6%.

The transaction, with Oman Oil Co. Exploration & Production, includes 3.6% of Blocks 56, 57, and 88, and 5.1% of the associated power plant. MidOcean Energy already owned 39.4% of Peru LNG and 46.5% of the power plant.

Peru LNG comprises a 4.5-million-tonne-per-annum LNG liquefaction plant at Pampa Melchorita in southern Peru and a 632-MW combined cycle power plant at Chilca in central Peru. The LNG plant has been operating since 2010 and supplies international markets.

The power plant, which started operating in 2012, sells electricity to Peru's national grid. MidOcean describes the acquisition as consistent with its strategy of investing in low-carbon power and LNG infrastructure.

The company says it is committed to supporting Peru's energy security by supplying reliable and affordable energy to the country.