MidOcean Expands LNG via Petronas Stake, Lake Charles

MidOcean Energy, managed by EIG and 49% owned by Saudi Aramco, agreed to acquire a 20% stake in PETRONAS’s North Montney upstream joint venture and its interest in the LNG Canada partnership, securing roughly 0.7 million tonnes per year of equity LNG with scope to grow if LNG Canada Phase 2 proceeds. The North Montney JV covers more than 800,000 gross acres and contains about 53 trillion cubic feet of reserves and contingent resources, adding upstream production and integration to MidOcean’s portfolio. Separately, MidOcean is close to finalizing a deal to buy LNG from Energy Transfer’s planned Lake Charles export terminal in Louisiana that would amount to about 30% of output (roughly 5 million tonnes per year) and involve financing about 30% of the terminal’s construction, though that pact is not yet completed. The company said the transactions, together with stakes it holds in projects in Peru and Australia, are intended to secure long-term offtake and build a diversified, resilient global LNG business. Petronas described the Canadian deal as creating a strategic LNG partnership and MidOcean’s leaders framed the moves as strengthening energy security and supporting an affordable energy transition.