MidOcean Energy (MidOcean), a liquefied natural gas (LNG) company formed and managed by EIG, has entered into definitive agreements to acquire a 20% equity interest in PETRONAS’ key Canadian entities. This includes a 20% stake in both the North Montney Upstream Joint Venture (NMJV)—which holds PETRONAS’ upstream investments in Canada—and the North Montney LNG Limited Partnership (NMLLP), which controls PETRONAS’ 25% interest in the LNG Canada Project.

LNG Canada is the country’s first operational LNG export project, having shipped its first cargo earlier this year. The NMJV encompasses over 800,000 gross acres of mineral rights and 53 trillion cubic feet of reserves and contingent resources in British Columbia. PETRONAS will retain control over NMJV and NMLLP, with the partnership highlighting the long-term value and growth potential of Canadian LNG assets.

Bennett Jones acted as Canadian counsel to MidOcean, with a team led by Pat Maguire, Kevin Myson, Sean Assie, Steven Bodi, Greg Johnson, and Karen Dawson. RBC Capital Markets was MidOcean’s financial advisor, and Latham & Watkins served as US legal counsel.

Lambert Energy Advisory acted as the financial adviser and Norton Rose Fulbright acted as the legal adviser to PETRONAS.

The deal is expected to close in Q4 2025, pending regulatory approvals.