Petronas-MidOcean partnership bets on Canada’s LNG potential

October 1, 2025, by Melisa Cavcic

Keeping opportunities in Canada’s liquefied natural gas (LNG) sector at the forefront, Malaysia’s state-owned energy giant Petronas has sealed a long-term alliance with MidOcean Energy, an LNG player formed and managed by the U.S.-headquartered investment company EIG Global Energy Partners (EIG).

Aerial view of the LNG Canada facility in Kitimat, British Columbia, Canada; Source: Fluor Corporation

Petronas has established a strategic LNG partnership with MidOcean Energy through the latter’s 20% equity participation in the North Montney upstream joint venture (NMJV), which holds the Malaysian firm’s upstream investments in Canada.

The Asian giant will also share with its new partner a 20% equity in the North Montney LNG Limited Partnership (NMLLP), the entity that controls its participating interest in the Shell-led LNG Canada project. MidOcean, which holds interests in Gorgon LNG, Pluto LNG, QCLNG, and Peru LNG, made a move to join the Lake Charles LNG project in April 2025.

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While highlighting its commitment to investments in Canada, Petronas underlines that this equity participation will not affect its existing control over NMJV and NMLLP. Lambert Energy Advisory has acted as the firm’s financial adviser, and Norton Rose Fulbright as its legal adviser.

The Malaysian player believes its 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 LNG industry growth.”

According to Petronas, the partnership with MidOcean paves the way for potential future collaboration, unlocking additional value through shared opportunities. The Malaysian giant is increasing its global portfolio, as illustrated by the addition of an exploration block offshore Suriname.