QatarEnergy joins forces with ExxonMobil for exploration offshore Canada
Qatar’s state-owned oil and gas company QatarEnergy has signed a farm-in agreement with ExxonMobil Canada for an exploration license offshore Canada.
Recently, QatarEnergy changed its name from Qatar Petroleum to reflect its new strategy focused on the energy transition. The company reported on Sunday that an agreement was signed with ExxonMobil, allowing QatarEnergy to farm into an exploration license offshore the province of Newfoundland and Labrador in Canada.
His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, commented on the agreement: “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. This builds on our strong partnership with ExxonMobil and is an important addition to our growing international exploration portfolio.”
The firm confirms that the transaction received all necessary consents from the Canada- Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB). QatarEnergy will hold a 40 per cent participating interest in license EL 1165A based on this agreement, while the remaining interest will be held by ExxonMobil Canada. The licence covers the Hampden exploration well activities.
“I would like to take this opportunity to thank the C-NLOPB for supporting the transaction, and to thank ExxonMobil, our strategic partner, for their cooperation and efforts to conclude this agreement,” added His Excellency Minister Al-Kaabi.
Located approximately 450 kilometres east of the city of St. John’s in Newfoundland and Labrador, the block included in this licence is situated in water depths of approximately 1,100 metres.
QatarEnergy is actively working on diversifying its portfolio and earlier this month, the company signed an agreement with Shell for joint investments in blue and green hydrogen projects across the UK.