MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by institutional investor EIG, has successfully completed the acquisition of a 20% stake in key Canadian entities owned by Petroliam Nasional Bhd (PETRONAS). The acquisition includes a 20% interest in the North Montney Upstream Joint Venture, which holds PETRONAS’ upstream oil and gas assets in Canada, as well as a 20% stake in the North Montney LNG Ltd Partnership, which represents PETRONAS’ 25% participating interest in the LNG Canada liquefaction project.
This strategic investment allows MidOcean to gain a strong foothold across the entire LNG value chain, from upstream exploration and production to downstream liquefaction and export. The acquisition provides MidOcean with approximately 700,000 tonnes per annum of LNG, while also creating opportunities for future growth as demand for liquefied natural gas continues to expand globally.
According to EIG, the transaction enhances MidOcean’s ability to secure critical energy resources while leveraging PETRONAS’ established operations and expertise in Canada’s North Montney region. The investment also reflects MidOcean’s long-term strategy of building an integrated position across the LNG sector, capturing value across both upstream and downstream operations.
Financial advisory services for the deal were provided by RBC Capital Markets, while legal advisory was handled by Latham & Watkins. The acquisition reinforces EIG’s commitment to investing in high-quality energy assets worldwide. Headquartered in Washington, DC, EIG is a global institutional investor specializing in energy and energy-related infrastructure, with extensive experience in private investments across the energy sector.
This acquisition positions MidOcean as a key participant in Canada’s LNG market and strengthens its ability to meet growing global energy demand, while also offering strategic long-term growth opportunities for its investors.
