QatarEnergy Adds to Offshore Exploration Portfolio in Atlantic Canada
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 agreement, QatarEnergy holds a 28% working interest in license EL 1167, where the Gale exploration well and associated activities are planned. ExxonMobil Canada (operator) holds 50% while Cenovus Energy holds 22%. QatarEnergy also holds a 40% working interest in license EL 1162, while ExxonMobil Canada (operator) holds the remaining 60%.
The transaction has completed all necessary formalities with the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).
According to the Minister of State for Energy Affairs and QatarEnergy President and CEO Saad Sherida Al-Kaabi, they are pleased to sign the agreement with strategic partner ExxonMobil, to further grow their offshore Atlantic Canada portfolio as part of their international growth drive. He said they look forward to working within Canada’s transparent and stable regulatory environment.
I would like to take this opportunity to thank the Canada-Newfoundland and Labrador Offshore Petroleum Board, which has been very supportive of this process, and look forward to a successful exploration campaign with our partners.
Located offshore Eastern Canada, EL 1167 and EL 1162 lie in water depths ranging from 100 to 1,200 metres and cover an area of approximately 1,420 and 2,400 square kilometres, respectively.
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