MidOcean Energy, backed by investment firm EIG, has finalized its acquisition of a 20% stake in key PETRONAS entities in Canada, the companies announced Wednesday, December 17, 2025.
Strategic Investment in Canadian LNG
The deal encompasses a 20% interest in the North Montney Upstream Joint Venture (NMJV), which manages PETRONAS’ Canadian upstream assets, and a 20% share in the North Montney LNG Limited Partnership (NMLLP). The NMLLP holds PETRONAS’ 25% stake in the LNG Canada Project.
This acquisition strategically positions MidOcean across the liquefied natural gas (LNG) value chain, securing both upstream resources and downstream liquefaction capabilities through the LNG Canada Project. The investment provides access to approximately 0.7 million metric tons per annum (MTPA) of associated LNG, with potential for future expansion.
Expert Guidance
RBC Capital Markets served as financial advisor to MidOcean Energy, while Latham & Watkins provided legal counsel throughout the transaction. This demonstrates the scale and complexity of the deal, requiring specialized expertise in both financial and legal arenas.
EIG, with $24.3 billion in assets under management as of September 30, 2025, specializes in private investments within the energy and infrastructure sectors. MidOcean Energy, managed by EIG, aims to develop a diversified and competitive global LNG portfolio, recognizing LNG’s role in a lower-carbon energy future. The company is led by De la Rey Venter, a 27-year veteran of the energy industry, formerly Global Head of LNG for Shell Plc.
Frequently Asked Questions
What is LNG Canada?
LNG Canada is a joint venture project to build a liquefied natural gas (LNG) facility in Kitimat, British Columbia, Canada. PETRONAS holds a 25% participating interest in the project.
Who is EIG?
EIG is a leading institutional investor specializing in private investments in the global energy and infrastructure sectors, managing $24.3 billion in assets as of September 30, 2025.
What is MidOcean Energy’s strategy?
MidOcean Energy seeks to build a diversified, resilient, cost- and carbon-competitive global LNG portfolio, believing LNG is a critical component of a secure and evolving global energy system.
As MidOcean integrates these Canadian assets, will this acquisition significantly alter the dynamics of the LNG market, and what further strategic moves might we expect from the company in the coming years?
