MidOcean Energy to Take Part in LNG Canada Phase 2, Doubling Its Associated LNG Volumes to 1.4 Mtpa MidOcean Energy, a liquefied natural gas company formed and managed by EIG, has announced its participation in Phase 2 of LNG Canada.

The announcement, made from London and Washington, D.C., came through the company's partnership with PETRONAS and followed the Final Investment Decision (FID) taken by the LNG Canada joint venture partners on September 29, 2026.

According to the company, its involvement in the expansion increases the LNG volumes associated with its position from 0.7 mtpa to 1.4 mtpa, deepening its footprint across the integrated LNG value chain.

Building on a December 2025 Acquisition

MidOcean's participation in Phase 2 follows the completion of its December 2025 acquisition of two interests tied to PETRONAS' Canadian holdings. The first is a 20% interest in the North Montney Upstream Joint Venture, known as NMJV, which holds PETRONAS' upstream investment in Canada.

The second is a 20% interest in the North Montney LNG Limited Partnership, or NMLLP, which holds PETRONAS' 25% participating interest in the LNG Canada Project. It is through these holdings, and its partnership with PETRONAS, that MidOcean is taking part in the second phase of the project.

What Phase 2 Adds

Phase 2 will add two liquefaction trains at LNG Canada's facility in Kitimat, British Columbia. The addition will increase the project's production capacity from 14 mtpa to 28 mtpa, doubling the facility's output.

The expansion will build on LNG Canada's position on Canada's Pacific Coast. It is expected to provide access to abundant Canadian natural gas resources and competitive shipping routes to key Asian markets, according to the announcement.

An Integrated Position From Wellhead to Export

MidOcean said its participation in Phase 2 will increase its associated LNG volumes from 0.7 mtpa to 1.4 mtpa. The company described the move as deepening its position across the integrated LNG value chain, which spans upstream gas production in the North Montney and liquefaction and export through LNG Canada.

The investment, the company said, is consistent with its strategy to build a large, diversified, cost- and carbon-competitive global LNG portfolio. It also reinforces MidOcean's position as a long-term partner of choice for high-quality LNG projects across the Pacific Basin.

Management Commentary

De la Rey Venter, CEO of MidOcean, framed the decision as a logical progression for the company. "We have long believed in LNG Canada as one of the world's most advantaged projects: with the scale, resource depth, and Pacific Basin access to deliver reliable energy to global markets for decades," Venter said.

He added: "Participating in Phase 2 is a natural next step for us, and we have strengthened our partnership with PETRONAS while advancing our strategy of investing in high-quality, globally competitive LNG assets."

MidOcean's Wider Portfolio

MidOcean describes itself as an LNG company formed and managed by EIG that seeks to build a diversified, resilient, cost- and carbon-competitive global LNG portfolio. The company says it reflects EIG's belief in LNG as a critical element of a lower-carbon, competitive and more secure global energy system.

Beyond LNG Canada, MidOcean's diverse LNG interests include Gorgon LNG, Pluto LNG, QCLNG and Peru LNG. The company is headed by Venter, a 27-year industry veteran who has held a variety of senior executive roles, including Global Head of LNG for Shell plc.

About EIG, MidOcean's Manager

EIG is a leading institutional investor in the global energy and infrastructure sectors, with USD 27.1 billion of assets under management as of June 30, 2026. The firm specializes in private investments in energy and energy-related infrastructure on a global basis.

Over its 44-year history, EIG has committed more than USD 55 billion to the energy sector through 429 projects or companies in 44 countries on six continents. Its 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.

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