PETRONAS announced its entry into a long-term strategic partnership with MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by EIG, a major institutional investor in the global energy and infrastructure sectors, through a 20% equity participation in its Canadian subsidiaries.

Strategic Equity Partnership

Under the agreement, MidOcean will acquire a 20% equity stake in the North Montney Upstream Joint Venture (NMJV), which manages PETRONAS’ upstream investments in Canada. Additionally, PETRONAS will hold a 20% equity share in the North Montney LNG Limited Partnership (NMLLP), the entity that manages PETRONAS' participating interest in the LNG Canada Project.

Control and Commitment

PETRONAS remains committed to its investments in Canada, and this equity participation will not affect PETRONAS' existing control over NMJV and NMLLP. PETRONAS' partnership with MidOcean underscores the strength and long-term potential of the North Montney assets, while reinforcing Canada's position as a compelling destination for global energy investment and growth in the LNG industry.

MidOcean’s Expanding LNG Portfolio

MidOcean was established to build a diversified, resilient, and carbon-competitive global LNG portfolio. The company already holds stakes in major projects, including Gorgon LNG, Pluto LNG, QCLNG, and Peru LNG. This collaboration with PETRONAS not only strengthens MidOcean’s global footprint but also paves the way for potential future cooperation across shared opportunities in LNG markets.

Lambert Energy Advisory acted as financial adviser to PETRONAS, while Norton Rose Fulbright served as legal adviser for the transaction.

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