Milbank LLP is advising the lenders in connection with MidOcean Energy’s (MidOcean) definitive agreements to acquire a 20% stake in PETRONAS’ key entities in Canada. MidOcean is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors.
The transaction includes 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.
LNG Canada is Canada’s first LNG export project. The NMJV is a partnership that holds more than 800,000 gross acres of mineral rights with 53 trillion cubic feet of reserves and contingent resources. Following completion of the transaction, MidOcean will hold a position across the integrated value chain, spanning upstream resource development in the North Montney and downstream liquefaction and export through LNG Canada via its participation in NMLLP.
“We’re pleased to support the lenders on a transaction that strengthens Canada’s role in the global LNG market,” said Dan Bartfeld, Global Head of Milbank’s Project, Energy and Infrastructure Finance Group.
“This deal highlights the scale and strategic importance of LNG infrastructure, and we’re proud to help our clients bring it to life,” added Dan Michalchuk, Milbank Project, Energy and Infrastructure Finance partner.
The transaction is expected to close in the fourth quarter of 2025, subject to customary regulatory approvals.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partners Dan Bartfeld, Daniel Michalchuk and Sean O’Neill, along with special counsel Kristina Hokenberg and Christopher Terhune, and associates Andy Lassman, Sam Smith, Ariel Oseasohn and Eliza Schmitt.
