EIG’s MidOcean Energy to Acquire Interest in LNG Canada from PETRONAS

(BUSINESS WIRE)--MidOcean Energy (“MidOcean”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced it has entered into definitive agreements to acquire a 20% interest in PETRONAS’ key entities in Canada.

The transaction includes a 20% interest in the North Montney Upstream Joint Venture (“NMJV”), which hold PETRONAS’ upstream investment in Canada, and a 20% interest in the North Montney LNG Limited Partnership (“NMLLP”), which holds PETRONAS’ 25% participating interest in the LNG Canada Project.

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.

R. Blair Thomas, MidOcean Chairman and EIG CEO, said: “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. 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.”

De la Rey Venter, CEO of MidOcean, said: “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.”

The transaction is anticipated to close in the fourth quarter of 2025, subject to customary regulatory approvals.

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

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $23.8 billion assets under management as of June 30, 2025. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 42-year history, EIG has committed $51.3 billion to the energy sector through 420 projects or companies in 44 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.

About MidOcean Energy

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 Plc.

For additional information, please visit MidOcean Energy’s website at www.midoceanenergy.com or EIG’s website at www.eigpartners.com.

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