QatarEnergy inks Canada deal with ExxonMobil

LNG giant QatarEnergy said it has signed a deal with ExxonMobil Canada to farm into an exploration license offshore the province of Newfoundland and Labrador in Canada.

Under the agreement, QatarEnergy would hold a 40 percent participating interest in license EL 1165A, while ExxonMobil Canada, a unit of ExxonMobil would have the remaining interest, according to a statement.

ExxonMobil plans Hampden exploration well activities within this license. The block covered by this license is located about 450 km east of the city of St. John’s in Newfoundland and Labrador, in water depths of some 1,100 meters.

Also, the transaction has received all necessary consents from the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), QatarEnergy, previously known as Qatar Petroleum, said.

Qatar’s energy minister and chief executive of QatarEnergy, Saad Sherida Al-Kaabi, said this agreement represents the company’s first entry into offshore Canada, in an “established producing basin with the leading producer in the area.”

“This builds on our strong partnership with ExxonMobil and is an important addition to our growing international exploration portfolio,” he said.

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