QatarEnergy takes stakes in ExxonMobil’s blocks off Canada

LNG giant QatarEnergy entered into a farm-in agreement with ExxonMobil Canada for two exploration licenses offshore the province of Newfoundland and Labrador in Canada.

Pursuant to the deal, QatarEnergy holds a 28 percent working interest in license EL 1167, where the Gale exploration well and associated activities are planned, according to a statement by QatarEnergy.

ExxonMobil’s unit in Canada holds a 50 percent operating stake, while Cenovus Energy holds 22 percent.

Also, QatarEnergy holds a 40 percent working interest in license EL 1162, while operator ExxonMobil Canada holds the remaining 60 percent.

Located offshore Eastern Canada, EL 1167 and EL 1162 lie in water depths ranging from 100 to 1,200 meters and cover an area of about 1,420 and 2,400 square kilometers, respectively.

QatarEnergy said the transaction has completed all necessary formalities with the Canada Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).

“We are pleased to sign this agreement with our strategic partner, ExxonMobil, to further grow our offshore Atlantic Canada portfolio as part of our international growth drive, and look forward to continue working within Canada’s transparent and stable regulatory environment,” Qatar’s energy minister and chief executive of QatarEnergy, Saad Sherida Al-Kaabi, said.

Al-Kaabi added he looks forward to a successful exploration campaign with the company’s partners.

Back in October 2021, QatarEnergy signed a deal with ExxonMobil, marking its first entry offshore Canada.

The two firms are jointly building the Golden Pass LNG export plant in the US, while ExxonMobil is also a partner in QatarEnergy’s giant LNG expansion project in Ras Laffan.

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