MidOcean Acquires 20% Interest in PETRONAS’ Canada LNG Assets

MidOcean Energy has completed a 20% acquisition of PETRONAS’ Canadian LNG and Montney upstream interests, gaining exposure to the LNG Canada project and long-term natural gas supply.

(P&GJ) — MidOcean Energy, an LNG-focused company formed and managed by EIG, has completed its acquisition of a 20% interest in PETRONAS’ Canadian LNG and upstream holdings, strengthening its position across the LNG value chain.

The transaction includes a 20% interest in the North Montney Upstream Joint Venture (NMJV), which holds PETRONAS’ upstream natural gas assets in Canada, as well as a 20% stake in the North Montney LNG Limited Partnership (NMLLP). NMLLP owns PETRONAS’ 25% participating interest in the LNG Canada export project.

Through the deal, MidOcean gains exposure to upstream gas supply in the Montney Basin and downstream liquefaction capacity at LNG Canada. The interest represents approximately 0.7 million tonnes per annum (MTPA) of associated LNG production, with potential for future growth tied to project expansions.

The acquisition adds to MidOcean’s growing portfolio of LNG-linked investments as global developers and infrastructure funds seek long-term exposure to export-oriented gas projects in stable jurisdictions.

RBC Capital Markets served as financial advisor to MidOcean, while Latham & Watkins acted as legal advisor.