MidOcean Energy Acquires 20 Pct Stake In PETRONAS Canada Assets

KUALA LUMPUR, Dec 18 (Bernama) -- MidOcean Energy (MidOcean), a liquefied natural gas (LNG) company formed and managed by EIG, has completed the acquisition of a 20 per cent interest in PETRONAS’ key entities in Canada.

The transaction includes a 20 per cent stake in the North Montney Upstream Joint Venture, which holds PETRONAS’ upstream investment in Canada, and a 20 per cent interest in the North Montney LNG Limited Partnership (NMLLP), which holds PETRONAS’ 25 per cent participating interest in the LNG Canada Project.

According to EIG in a statement, this strategic investment positions MidOcean across the LNG value chain, securing upstream resources and downstream liquefaction through the LNG Canada Project.

The acquisition provides MidOcean with approximately 0.7 million tonnes per annum of associated LNG, with potential for future growth.

RBC Capital Markets acted as financial adviser to MidOcean, while Latham & Watkins served as legal adviser.

Headquartered in Washington, D.C., EIG is an institutional investor in the global energy and infrastructure sectors that specialises in private investments in energy and energy-related infrastructure on a global basis.

-- BERNAMA