![]() Client Work EIG’s MidOcean Energy to Acquire Interest in the Montney and LNG Canada from PETRONASOctober 2, 2025 Authors Patrick T. Maguire KCVice Chair and Partner Kevin MysonPartner Sean AssiéPartner Steven BodiPartner Greg M. JohnsonPartner Karen J. DawsonPartner Zirjan (Zee) J. DerwaPartner Alison G. FitzGeraldPartner Kelsey J. MeyerPartner Michelle F. YungPartner 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). Republishing Requests For permission to republish this or any other publication, contact Amrita Kochhar at kochhara@bennettjones.com. For informational purposes only This publication provides an overview of legal trends and updates for informational purposes only. For personalized legal advice, please contact the authors. AuthorsPatrick T. Maguire KC, Vice Chair and Partner Calgary • 403.298.3184 • maguirep@bennettjones.com Kevin Myson, Partner Calgary • 403.298.3049 • mysonk@bennettjones.com Sean Assié, Partner Calgary • 403.298.3362 • assies@bennettjones.com Steven Bodi, Partner Calgary • 403.298.3048 • bodis@bennettjones.com Greg M. Johnson, Partner Calgary • 403.298.4470 • johnson@bennettjones.com Karen J. Dawson, Partner • Co-Head of Banking & Secured Transactions Practice Calgary • 403.298.3302 • dawsonk@bennettjones.com Zirjan (Zee) J. Derwa, Partner Toronto • 416.777.6442 • derwaz@bennettjones.com Alison G. FitzGerald, Partner Ottawa, Toronto • 613.683.2306 • fitzgeralda@bennettjones.com Kelsey J. Meyer, Partner • Co-Head of Restructuring & Insolvency Practice Calgary • 403.298.3323 • meyerk@bennettjones.com Michelle F. Yung, Partner Vancouver • 604.891.5164 • yungm@bennettjones.com |