Kuala lumpur: MidOcean Energy, a subsidiary of EIG, has finalized agreements to acquire a 20 percent stake in Canadian energy assets held by Malaysia’s state-owned energy company, PETRONAS. This acquisition involves a significant interest in both the North Montney Upstream Joint Venture (NMJV) and the North Montney LNG Limited Partnership (NMLLP).

According to BERNAMA News Agency, the NMLLP is responsible for PETRONAS’ 25 percent interest in the LNG Canada Project, which is Canada’s inaugural LNG export initiative and recently dispatched its first shipment. The development of LNG Canada is pivotal as it aims to deliver LNG to Asian markets at competitive prices.

R. Blair Thomas, Chairman of MidOcean and CEO of EIG, expressed that the deal is a crucial step for the company’s expansion. He emphasized the importance of collaborating with PETRONAS to supply dependable and affordable LNG globally, enhancing MidOcean’s portfolio and supporting its aspiration to establish a robust LNG business.

De la Rey Venter, CEO of MidOcean, highlighted that the enduring partnership with PETRONAS underscores the company’s belief in LNG’s critical role in promoting global energy security and facilitating an affordable energy transition.

The NMJV encompasses over 800,000 gross acres of mineral rights, with reserves and resources totaling 53 trillion cubic feet. With this transaction, MidOcean will gain access to the entire value chain, from upstream resource development in North Montney to downstream liquefaction and export via LNG Canada.

MidOcean’s involvement in NMLLP will ensure an LNG supply of 0.7 million tonnes per annum, with opportunities for expansion through LNG Canada Phase 2. The transaction is anticipated to be finalized in the fourth quarter of 2025, pending regulatory approvals. RBC Capital Markets served as the financial adviser, with Latham and Watkins providing legal counsel to MidOcean.