QatarEnergy buys stake in two exploration blocks offshore Canada
QatarEnergy has entered into a farm-in agreement with ExxonMobil for two exploration licenses offshore the province of Newfoundland and Labrador in Canada, it said on March 29.
The Qatari state-owned company will hold a 28% working interest in license EL 1167, where the Gale exploration well and associated activities are planned. ExxonMobil Canada will hold 50% and be the operator while Cenovus Energy will own 22%. QatarEnergy will also hold a 40% working interest in license EL 1162, while ExxonMobil Canada as the operator holds the remaining 60%.
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“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,” QatarEnergy CEO Saad Al-Kaabi said in a statement.
Located offshore Eastern Canada, EL 1167 and EL 1162 lie in water depths ranging from 100 to 1,200 m and cover an area of approximately 1,420 and 2,400 km2, respectively.
QatarEnergy first entered Canada in 2011 when it signed a farm in agreement with ExxonMobil for a 40% participating interest in license EL 1165A, which is also located offshore the province of Newfoundland and Labrador.
In 2022, QatarEnergy and ExxonMobil announced a successful bid for Parcel 8 of the Orphan basin offshore the province of Newfoundland and Labrador.