MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, has entered into definitive agreements to acquire a 20% interest in Petronas’ key entities in Canada.
The transaction includes a 20% interest in the North Montney Upstream Joint Venture (NMJV), which holds Petronas’ upstream investment in Canada, and a 20% interest in the North Montney LNG Limited Partnership (NMLLP), which holds Petronas’ 25% participating interest in the LNG Canada Project.
LNG Canada is Canada’s first LNG export project and represents a strategically significant development supplying LNG into Asia at a competitive cost of supply. LNG Canada shipped its first LNG cargo earlier this year. The NMJV is a partnership that holds more than 800,000 gross acres of mineral rights with 53 trillion cubic feet (1.5 trillion m3) of reserves and contingent resources.
Following completion of the transaction, MidOcean will hold a position across the integrated value chain, spanning upstream resource development in the North Montney and downstream liquefaction and export through LNG Canada via its participation in NMLLP. Through this partnership with Petronas, MidOcean will have the ability to secure an associated LNG Volume of 0.7 million tonnes per annum with potential to grow through LNG Canada Phase 2.
R. Blair Thomas, MidOcean chairman and EIG CEO, says: ‘This transaction marks an important milestone in MidOcean’s growth journey. We are proud to join Petronas in its efforts to deliver reliable, low-cost LNG to global markets. Our participation further strengthens MidOcean’s portfolio, secures meaningful LNG offtake, and reinforces our commitment to building a diversified and resilient LNG business for the decades ahead.’
De la Rey Venter, CEO of MidOcean, adds: ‘We are excited to enter into this long-term partnership with PETRONAS, a leader in the LNG industry and a company that we respect. This investment is a clear reflection of our conviction in the future of LNG and its long-term role to help deliver global energy security and to underpin a practical and affordable energy transition’
The transaction is anticipated to close in the fourth quarter of 2025, subject to customary regulatory approvals.
