MidOcean Energy to purchase stake in Petronas’ North Montney assets

FORT ST. JOHN, B.C. — An international liquified natural gas (LNG) company is dipping its toes into the Canadian market by purchasing a stake in Petronas’ operations.

According to a press release, MidOcean Energy — an LNG company owned by American investment firm EIG Partners — has entered into an agreement with Petronas to buy a 20 per cent stake in its “key entities in Canada.”

That means MidOcean will own a 20 per cent interest in Petronas’ North Montney Upstream Joint Venture, which holds the company’s Canadian upstream investments, and North Montney LNG Limited Partnership, which represents its participation in LNG Canada, a project in Kitimat.

The release says once the deal closes, MidOcean will be able to secure roughly 0.7 million tonnes of LNG per annum from Petronas’ supply chain, with the opportunity for that number to expand in the future.

De la Rey Venter, MidOcean’s chief executive officer, said he and his team are excited to enter into the partnership with Petronas.

“This investment is a clear reflection of our conviction in the future of LNG and its long-term role to help deliver global energy security and to underpin a practical and affordable energy transition,” Venter said.

Energeticcity.ca contacted Petronas for comment and did not immediately receive a response.

Pending regulator approval, the deal is expected to close in the fourth quarter of 2025.