EIG’s MidOcean Energy to Acquire Interest in LNG Canada from PETRONAS
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MidOcean Energy, formed and managed by EIG, has entered into definitive agreements to acquire a 20 percent interest in PETRONAS’ key entities in Canada.
The transaction includes a 20 percent interest in the North Montney Upstream Joint Venture (NMJV), which holds PETRONAS’ upstream investment in Canada, and a 20 percent interest in the North Montney LNG Limited Partnership (NMLLP), which holds PETRONAS’ 25 percent participating interest in the LNG Canada Project.
“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,” said R. Blair Thomas, MidOcean chairman and EIG CEO.
“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,” added Thomas.
“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,” said De la Rey Venter, CEO of MidOcean.
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 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 MTPA with potential to grow through LNG Canada phase 2.
The transaction is anticipated to close in the fourth quarter of 2025, subject to customary regulatory approvals.
MidOcean Energy, an LNG company formed and managed by EIG, seeks to build a diversified, resilient, cost- and carbon-competitive global LNG portfolio. It reflects EIG’s belief in LNG as a critical element of a lower carbon, competitive and more secure global energy system. MidOcean Energy has diverse LNG interests, including in Gorgon LNG, Pluto LNG, QCLNG, and Peru LNG. The company is headed by De la Rey Venter, a 27-year industry veteran who has held a variety of senior executive roles, including Global Head of LNG for Shell.
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