KUALA LUMPUR – Petronas has announced a long-term strategic partnership with MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by global energy investor EIG, through a 20 per cent equity participation in its Canadian subsidiaries.
Under the deal, MidOcean will acquire a 20 per cent equity interest in the North Montney Upstream Joint Venture (NMJV), which houses Petronas’ upstream investments in Canada.
It will also hold a similar stake in the North Montney LNG Limited Partnership (NMLLP), which oversees Petronas’ participating interest in the LNG Canada Project.
In a statement today, Petronas said the move underscores the strength and long-term potential of its North Montney assets and highlights Canada as a compelling destination for global energy investment and LNG industry growth.
The national oil company emphasised that the equity participation would not affect its existing control over NMJV and NMLLP.
“Petronas remains committed to its investments in Canada, and this partnership with MidOcean paves the way for potential future collaboration, unlocking additional value through shared opportunities,” the statement read.
MidOcean, which has built a diversified LNG portfolio with interests in Gorgon LNG, Pluto LNG, QCLNG and Peru LNG, aims to develop a resilient, cost- and carbon-competitive global LNG business.
Lambert Energy Advisory acted as Petronas’ financial adviser on the deal, while Norton Rose Fulbright provided legal counsel. – October 1, 2025