Canada: QatarEnergy signs two offshore exploration licenses
QatarEnergy strengthens its position in North America by signing a partnership agreement with ExxonMobil Canada to explore two offshore exploration licenses off Newfoundland and Labrador, Canada.
| Sectors | Gas, Oil, Exploration & Production, Gas Exploration & Production |
|---|---|
| Themes | Investments & Transactions, Commercial Partnerships |
| Companies | Qatarenergy |
| Countries | United States |
In Canada, QatarEnergy has signed two exploration licenses, offshore Newfoundland and Labrador, with ExxonMobil Canada. The EL 1167 and EL 1162 licenses cover a total area of approximately 3,820 km².
QatarEnergy and ExxonMobil Canada enter into strategic partnership for two exploration licenses in Canada
QatarEnergy holds a 28% interest in EL 1167, where the Gale exploration well and associated activities are planned. ExxonMobil Canada is the operator and holds 50%, while Cenovus Energy holds 22%. QatarEnergy also holds a 40% interest in EL 1162, where ExxonMobil Canada is also the operator and holds the remaining 60%.
An agreement finalized with C-NLOPB
The transaction has completed all necessary formalities with the Newfoundland and Labrador Offshore Petroleum Board (NLOPB).
Statement by Saad Sherida Al-Kaabi, CEO of QatarEnergy
Commenting on the occasion, Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, Chairman and CEO of QatarEnergy, said, “We are pleased to sign this agreement with our strategic partner, ExxonMobil, to further develop our offshore portfolio in Atlantic Canada as part of our international growth momentum. We look forward to continuing to operate in a transparent and stable regulatory environment in Canada.” Mr. Al-Kaabi also thanked the Newfoundland and Labrador Offshore Resources Board for its support and expressed confidence in the success of the exploration campaign.
QatarEnergy awarded offshore exploration licenses in Eastern Canada
EL 1167 and EL 1162 are located off eastern Canada in water depths ranging from 100 to 1200 meters. EL 1167 covers an area of approximately 1,420 km², while EL 1162 covers an area of approximately 2,400 km².
In summary, QatarEnergy has entered into a partnership agreement with ExxonMobil Canada to explore two offshore exploration licenses offshore Newfoundland and Labrador, Canada. The two licenses cover a total area of approximately 3,820 km² and QatarEnergy holds a 28% interest in one and 40% in the other.
