MidOcean Energy will participate in Phase 2 of the LNG Canada project following the joint venture partners' Final Investment Decision (FID) on September 29, 2026. This participation doubles MidOcean's associated liquefied natural gas (LNG) volumes from 0.7 mtpa to 1.4 mtpa, significantly expanding its footprint in the Pacific Basin energy market.

Strategic Expansion and Volume Growth

MidOcean, an LNG company formed and managed by EIG, a leading institutional investor in global energy and infrastructure, announced its entry into Phase 2 through its partnership with PETRONAS. The decision follows the completion of MidOcean's December 2025 acquisition of a 20% interest in the North Montney Upstream Joint Venture (NMJV) and a 20% interest in the North Montney LNG Limited Partnership (NMLLP). These stakes hold PETRONAS' upstream investment in Canada and its 25% participating interest in the LNG Canada Project, respectively.

Phase 2 involves adding two liquefaction trains at the facility in Kitimat, British Columbia. This expansion increases the project's total production capacity from 14 mtpa to 28 mtpa. For MidOcean, this translates directly into a doubling of its entitled volumes, reinforcing its strategy to build a large, diversified, and cost-competitive global LNG portfolio.

Integrated Value Chain Positioning

The investment deepens MidOcean's position across the integrated LNG value chain, spanning upstream gas production in the North Montney region and downstream liquefaction and export operations. De la Rey Venter, CEO of MidOcean, described the participation as a natural next step, highlighting the partnership with PETRONAS and the project's access to abundant Canadian natural gas resources. The location offers competitive shipping routes to key Asian markets, aligning with MidOcean's focus on high-quality assets in the Pacific Basin.

What the Numbers Show

The doubling of MidOcean's associated volumes from 0.7 mtpa to 1.4 mtpa is directly proportional to the project's capacity expansion from 14 mtpa to 28 mtpa. This indicates that MidOcean maintains a fixed percentage entitlement relative to the total project output, rather than acquiring a separate, disproportionate share of the new trains. The data suggests a linear scaling of exposure: as the joint venture expands physical capacity by 100%, MidOcean's financial and operational stake scales identically, preserving its risk-reward profile while increasing absolute volume commitments.

About EIG and MidOcean Energy

EIG is a leading institutional investor with $27.1 billion of assets under management as of June 30, 2026. Over its 44-year history, EIG has committed over $55 billion to the energy sector across 429 projects or companies in 44 countries. MidOcean Energy seeks to build a resilient, carbon-competitive global LNG portfolio, with existing interests in projects such as Gorgon LNG, Pluto LNG, QCLNG, and Peru LNG.

The Private Department of Sheikh Mohammed bin Khalid Al Nahyan has committed $1.13bn to MidOcean Energy, a liquefied natural gas company formed and managed by EIG. This investment marks the Private Department’s entry into the global LNG sector and strengthens MidOcean’s institutional shareholder base. The transaction also establishes a broader strategic relationship between the Private Department and EIG, a global energy and infrastructure investment firm.

In parallel with the investment, the Private Department and EIG have formed a strategic partnership focused on capital aggregation, investment origination, and the development of institutional investment opportunities across the United Arab Emirates and selected regional markets. The parties intend to collaborate on future investment opportunities across the energy and related infrastructure sectors.

R. Blair Thomas, MidOcean Chairman and EIG CEO, said the relationship combines EIG's global energy investment expertise with the Private Department's regional reach and long-term investment perspective. Matar Hamdan Al Ameri, Executive Managing Director of the Private Department, said the investment establishes long-term exposure to high-quality global infrastructure and energy assets.

De la Rey Venter, CEO of MidOcean, said the investment supports the company's continued growth and execution across a diversified global LNG portfolio. MidOcean has assembled a portfolio of LNG interests across key global markets, including Canada, Australia, and Latin America.

EIG manages $25.9 billion in assets under management as of March 31, 2026. MidOcean has established a platform with a balance sheet of more than $5 billion and interests in LNG projects across the Americas and Australia.