EIG’s MidOcean wraps up acquisition of stake in Petronas’ Canadian upstream portfolio

December 18, 2025, by Melisa Cavcic

Malaysia’s state-owned energy giant Petronas has sold a partial interest in its Canadian assets to MidOcean Energy, a liquefied natural gas (LNG) player formed and managed by the U.S.-headquartered investment company EIG Global Energy Partners (EIG).

MidOcean has confirmed the completion of its acquisition of a 20% interest in Petronas’ key entities in Canada, which include a 20% interest in the North Montney upstream joint venture (NMJV) that holds the Malaysian firm’s upstream investment in Canada, and a 20% interest in the North Montney LNG Limited Partnership (NMLLP), covering the company’s 25% participating interest in the LNG Canada project.

LNG Canada recently marked the completion of the first phase of what is deemed to be Canada’s first large-scale LNG project in Kitimat, with Train 1 and 2 now operational on the country’s west coast.

“This strategic investment positions MidOcean across the LNG value chain, securing upstream resources and downstream liquefaction through the LNG Canada Project, with around 0.7 mtpa of associated LNG and potential to grow further,” explained the EIG-managed player.

MidOcean, which has LNG interests in Gorgon LNG, Pluto LNG, QCLNG, and Peru LNG, made a play for the Lake Charles LNG project in April 2025, just months after buying an additional 15% stake in Peru LNG from the Texas-based Hunt Oil Company to augment its interest to 35%.