EIG’s MidOcean Energy to Participate in LNG Canada Phase 2

LONDON & WASHINGTON--(BUSINESS WIRE)--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, today announced its participation in Phase 2 of LNG Canada through its partnership with PETRONAS, following the Final Investment Decision (FID) by the LNG Canada joint venture partners on September 29, 2026.

MidOcean’s participation in Phase 2 follows the completion of its December 2025 acquisition of a 20% interest in the North Montney Upstream Joint Venture (“NMJV”), which holds 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.

Phase 2 will add two liquefaction trains at LNG Canada’s facility in Kitimat, British Columbia, increasing the project’s production capacity from 14 mtpa to 28 mtpa. The expansion will build on LNG Canada’s position on Canada’s Pacific Coast and is expected to provide access to abundant Canadian natural gas resources and competitive shipping routes to key Asian markets.

MidOcean’s participation in Phase 2 will increase associated LNG volumes, from 0.7 mtpa to 1.4 mtpa, and deepen its position across the integrated LNG value chain, spanning upstream gas production in the North Montney and liquefaction and export through LNG Canada. The investment is consistent with MidOcean’s strategy to build a large, diversified, cost- and carbon-competitive global LNG portfolio, and reinforces its position as a long-term partner of choice for high-quality LNG projects across the Pacific Basin.

“We have long believed in LNG Canada as one of the world’s most advantaged projects: with the scale, resource depth, and Pacific Basin access to deliver reliable energy to global markets for decades,” said De la Rey Venter, CEO of MidOcean. “Participating in Phase 2 is a natural next step for us, and we have strengthened our partnership with PETRONAS while advancing our strategy of investing in high-quality, globally competitive LNG assets.”

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $27.1 billion of assets under management as of June 30, 2026. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 44-year history, EIG has committed over $55 billion to the energy sector through 429 projects or companies in 44 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.

About MidOcean Energy

MidOcean Energy, an LNG company formed and managed by EIG, seeks to build a diversified, resilient, cost- and carbon-competitive global LNG portfolio. It reflects EIG’s belief in LNG as a critical element of a lower-carbon, competitive and more secure global energy system. MidOcean Energy has diverse LNG interests, including in LNG Canada, Gorgon LNG, Pluto LNG, QCLNG and Peru LNG. The company is headed by De la Rey Venter, a 27-year industry veteran who has held a variety of senior executive roles, including Global Head of LNG for Shell plc. For additional information, please visit MidOcean Energy’s website www.midoceanenergy.com.