JERA, jointly owned by Tokyo Electric Power (TYO:9501) and Chubu Electric Power (TYO:9502), agreed to sell its stakes in the Gorgon LNG and Ichthys LNG projects in Australia.

The buyer is MidOcean Energy, an LNG company managed by EIG, according to a Thursday company statement.

The deal, signed through JERA Australia, is subject to government approvals and contractual conditions with project partners.

JERA said it will continue procuring LNG from both projects after completion and maintain its presence in Australia through investments in the Wheatstone LNG Project, the Barossa Gas Project and the Scarborough gas field.

The companies also plan to explore further collaboration opportunities across global LNG assets.