​EIG’s Midocean Energy Acquires 20 Pct Stake In Petronas’ Canadian LNG Assets 

KUALA LUMPUR, Oct 1 (Bernama) -- MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by EIG, has entered into definitive agreements to acquire a 20 per cent interest in key Canadian energy assets owned by PETRONAS, Malaysia’s state-owned energy giant.

The transaction covers a 20 per cent interest in the North Montney Upstream Joint Venture (NMJV), which holds PETRONAS’ upstream investment in Canada, and a 20 per cent interest in the North Montney LNG Limited Partnership (NMLLP).

NMLLP holds PETRONAS’ 25 per cent participating interest in the LNG Canada Project, the country’s first LNG export project, which shipped its maiden cargo earlier this year. LNG Canada is seen as a strategically significant development, supplying LNG into Asia at a competitive cost.

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MidOcean chairman and EIG chief executive officer (CEO), R. Blair Thomas in a statement said the transaction marks an important milestone for the company’s growth journey.

“We are proud to join PETRONAS in delivering reliable, low-cost LNG to global markets. This further strengthens MidOcean’s portfolio, secures meaningful LNG offtake and reinforces our commitment to building a diversified and resilient LNG business,” he said.

Meanwhile, MidOcean CEO, De la Rey Venter said the long-term partnership with PETRONAS reflects the company’s conviction in LNG’s future role in ensuring global energy security and supporting a practical and affordable energy transition.

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The NMJV is a partnership holding more than 800,000 gross acres of mineral rights with 53 trillion cubic feet of reserves and contingent resources.

Upon completion of the transaction, MidOcean will hold positions across the integrated value chain, spanning upstream resource development in the North Montney and downstream liquefaction and export through LNG Canada.

Through its participation in NMLLP, MidOcean will secure an associated LNG volume of 0.7 million tonnes per annum (MTPA), with the potential to expand further through LNG Canada Phase 2.

The transaction is expected to be completed in the fourth quarter of 2025, subject to customary regulatory approvals. RBC Capital Markets acted as financial adviser, while Latham & Watkins was the legal adviser to MidOcean.

-- BERNAMA