Liquefied natural gas business MidOcean Energy has signed a deal to acquire a 20% stake in the partnership that holds Petronas’ 25% interest in the LNG Canada Project.
The deal includes a 20% stake in the North Montney Upstream Joint Venture, Petronas’ upstream partnership in Canada, and a 20% stake in the North Montney LNG Limited Partnership, which holds PETRONAS’ 25% share in the LNG Canada Project.
After the deal closes, MidOcean will be involved across the LNG value chain, from gas production in North Montney to liquefaction and export via LNG Canada.
Through its partnership with Petronas, MidOcean will gain access to 0.7 million tonnes per year of LNG, with potential for more in LNG Canada Phase 2.
LNG Canada is Canada’s first LNG export project. Phase 1 of the project – made up of two liquefaction trains – is designed to have a combined capacity of 14 million tonnes per annum (mtpa) of LNG.
LNG Canada’s first cargo was shipped in late June 2025, marking the start of operations.
“This investment reflects our conviction in LNG and our long-term goal to help deliver global energy security,” said De la Rey Venter, CEO of MidOcean.
The transaction is expected to close Q4 2025.