QatarEnergy farms into exploration block offshore Canada
QatarEnergy has signed an agreement with ExxonMobil to farm into an exploration license offshore the province of Newfoundland and Labrador in Canada, it said on October 24.
The transaction has received all necessary consents from the Canada- Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).
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According to the agreement, QatarEnergy will hold a 40% participating interest in license EL 1165A, where the Hampden exploration well activities are planned. The remaining interest is held by ExxonMobil Canada.
“We are pleased to conclude this agreement which represents our first entry into offshore Canada, in an established producing basin with the leading producer in the area,” Saad Sherida Al-Kaabi, CEO of QatarEnergy, said.
The block covered by this license is located approximately 450 km east of the city of St. John’s in Newfoundland and Labrador, in water depths of approximately 1,100 m.