Malaysia’s state-owned Petroliam Nasional Berhad, aka Petronas, has increased its ownership of Montney shale production destined for liquefied natural gas (LNG) exports from British Columbia (BC) and added a Canadian price benchmark to its international marketing.

Japan Petroleum Exploration Co. Ltd. (Japex) announced that it would sell its 10% share in a BC supply partnership to Petronas Canada Energy Ltd., a Calgary-based subsidiary of the Malaysian enterprise. 

The transaction would boost Petronas’ holdings in the partnership, the North Montney Joint Venture (NMJV), to 72%. Other partners include China’s Sinopec Corp. with a 15% stake, Indian Oil Corp. with 10%, and Petroleum Brunei with 3%. NMJV has 800,000 acres (1,250 square miles) in its namesake shale formation,...