On September 30, 2025, MidOcean Energy (MidOcean), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, announced it entered into definitive agreements to acquire a 20% interest in PETRONAS' key entities in Canada. The transaction includes a 20% interest in the North Montney Upstream Joint Venture (NMJV), which hold PETRONAS' upstream investment in Canada, and a 20% interest in the North Montney LNG Limited Partnership (NMLLP), which holds PETRONAS' 25% participating interest in the LNG Canada Project.
LNG Canada is Canada's first operational LNG export project and shipped its first LNG cargo earlier this year. The NMJV holds more than 800,000 gross acres of mineral rights with 53 trillion cubic feet of reserves and contingent resources in British Columbia.
Bennett Jones acted as Canadian counsel to MidOcean on the transaction with a team led by Pat Maguire, Kevin Myson, Sean Assie, Steven Bodi, Greg Johnson and Karen Dawson. Pat Maguire, Kevin Myson and Steven Bodi advised on Energy, Corporate and M&A matters, and Sean Assie advised on Energy Regulatory, Environmental and Indigenous matters. Greg Johnson and Karen Dawson advised on Tax and Banking matters, respectively.
Advice was also provided by Zirjan Derwa and Kolding Larson (Competition/Foreign Investment); Alison Fitzgerald (International Trade and Arbitration); Kelsey Meyer and Mike Shakra (Banking & Secured Transactions); Erin Allison, Lindsay Beldman and Nathan Murray (Energy Regulatory, Environmental and Indigenous Law); Sydney Olsen, Laura Glover, Philip Hanna and Valeria Palacio (Energy); Rebecca Burnand, Jesse Fontaine, and Jenna Brackman (Corporate/Commercial), and Michelle Yung and Hannah Johnston (Commercial Real Estate).