Petronas’s move to sell a 20% stake in its Canadian assets for just over US$3 billion (RM12.6 billion) is a calculated step to ease fiscal pressures at home while strengthening its LNG position abroad, not a withdrawal, says oil and gas analyst Jamil Ghani.
The national oil firm confirmed the sale to MidOcean Energy, backed by EIG and Saudi Aramco, after months of speculation that it might fully exit Canada.
Petronas will retain 80% ownership of its Canadian arm, Petronas Energy Canada, one of the largest natural gas rights holders in British Columbia’s Montney basin.
“This is rebalancing, not retreat. Petronas has unlocked value, brought in a strong partner and still kept control,” Jamil told FMT.
Canada: a decade-long bet
Petronas entered Canada in 2012 with its US$5.3 billion takeover of Progress Energy, securing 53 trillion…