Petaling jaya: Petroliam Nasional Bhd (Petronas) has formed a long-term partnership with MidOcean Energy, a liquefied natural gas (LNG) company managed by US-based EIG Global Energy Partners, by acquiring a 20 per cent equity stake in its Canadian subsidiaries.

According to BERNAMA News Agency, Petronas announced that it will introduce MidOcean as a 20 per cent equity partner in the North Montney Upstream Joint Venture (NMJV), which encompasses its upstream investments in Canada. Additionally, Petronas will grant a 20 per cent stake in the North Montney LNG Limited Partnership (NMLLP), the entity overseeing its participating interest in the LNG Canada Project.

Petronas emphasized its continued commitment to investments in Canada, noting that this equity participation will not affect its existing control over NMJV and NMLLP. The partnership with MidOcean highlights the strength and long-term potential of the North Montney assets, while reinforcing Canada's appeal as a destination for global energy investment and LNG industry growth.

MidOcean was established with the aim of building a diversified, resilient, cost-effective, and carbon-competitive global LNG portfolio, with interests in Gorgon LNG, Pluto LNG, QCLNG, and Peru LNG. Petronas added that the strategic partnership opens the door for future collaboration, unlocking additional value through shared opportunities.

In terms of advisory roles, Lambert Energy Advisory acted as the financial adviser and Norton Rose Fulbright served as the legal adviser to Petronas.