H&Cía assists MidOcean Energy in Peru LNG asset acquisition
Hernandez & Cía. has assisted MidOcean Energy in the acquisition of Hunt Oil Company’s 15% interest in Peru LNG, owner and operator of the first LNG export facility in South America.
MidOcean Energy, a subsidiary of EIG Global Energy Partners, was also advised by Latham & Watkins as lead international advisor. With this acquisition, agreed on 12 September, MidOcean Energy will increase its stake in Peru LNG from 20% to 35%, while Hunt Oil Company will reduce its stake to 25.2% but will remain as operator of the LNG project.
The advice involved updating the legal assessment of Peru LNG SRL, focusing mainly on the energy regulatory aspects, as well as the contracts and antitrust considerations that are relevant as a result of this second transaction. This transaction followed the firm’s completion of an initial due diligence report on the target company during the first quarter of 2024 as part of MidOcean Energy’s acquisition of the first 20% tranche of Peru LNG.
EIG Global Energy Partners is a leading and widely recognised institutional investor in the global energy sector and, through MidOcean Energy, has been expanding its globally recognised energy portfolio for over 40 years.
Peru LNG owns and operates the first LNG export plant in South America, located in Pampa Melchorita, Ica, Peru, a highly relevant and strategic asset in the energy industry and specifically in the natural gas sector, which is increasingly relevant to the local market.
H&Cía’s team was composed of partners Juan Luis Hernández (pictured top left), Sandro Cogorno (pictured top centre, left), Brendan Oviedo (pictured top centre, right), Rodrigo Flores (pictured top right) and Giancarlo Baella (pictured bottom left), senior associates Gloria Zubizarreta, Katherine Yesquén and María Fe Álvarez Calderón, and associate Flavio Castañeda.
L&W’s team included partners Justin Stolte (pictured bottom centre) and Charlie Carpenter (pictured right), counsel Brian Hintze, and associates Caroline Silverstein, Melanie Toledo, Greg Sorensen and Ike Obioma.
