PETRONAS Establishes Strategic LNG Partnership with MidOcean Energy

PETRONAS has announced the establishment of a long-term strategic partnership with MidOcean Energy (“MidOcean”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in global energy and infrastructure. The partnership includes PETRONAS taking a 20 per cent strategic equity stake in MidOcean’s subsidiaries in Canada.

Under the agreement, PETRONAS will introduce MidOcean as a 20 per cent equity partner in the North Montney Upstream Joint Venture (NMJV), which holds PETRONAS’ upstream assets in Canada. In addition, PETRONAS will share a 20 per cent equity interest in the North Montney LNG Limited Partnership (NMLLP), the entity managing PETRONAS’ participation in the LNG Canada Project.

PETRONAS reaffirmed its ongoing commitment to its Canadian investments, emphasizing that this equity participation will not alter its existing control over NMJV and NMLLP. The partnership with MidOcean highlights the strong fundamentals and long-term potential of the North Montney assets while reinforcing Canada’s standing as an attractive destination for global energy investment and LNG sector development.

MidOcean was established with the aim of developing a diversified, resilient, and competitive global LNG portfolio—both in terms of cost and carbon intensity—with existing interests in Gorgon LNG, Pluto LNG, QCLNG, and Peru LNG. The strategic partnership opens avenues for future collaboration between PETRONAS and MidOcean, unlocking additional value through shared opportunities in the global LNG market.

Advisers: Lambert Energy Advisory served as financial adviser, while Norton Rose Fulbright acted as legal adviser to PETRONAS.