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QatarEnergy new exploration licenses in Atlantic Canada

Business Doha 03 Apr 23
QatarEnergy new exploration licenses in Atlantic Canada
QatarEnergy grows offshore exploration portfolio in Atlantic Canada.
Event Location
Qatar, Qatar
Start Time
03 April 2023, 12:00 AM
End Time
30 April 2023, 12:00 AM

Qatar's state-owned energy company on Wednesday signed a deal to acquire from ExxonMobil stakes in two Canadian offshore explorations block, the latest in the Gulf state's efforts to expand its global oil and gas portfolio.

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%.

QatarEnergy, the world's largest producer of liquefied natural gas (LNG), has in recent years entered some of the most promising oil and gas basins through deals with top Western companies eager to secure stakes in Qatar's LNG industry.

The transaction has completed all necessary formalities with the Canada- Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).

Commenting on this occasion, Minister of State for Energy Affairs, the President and CEO of QatarEnergy HE Eng. Saad bin Sherida Al Kaabi said: "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."

His Excellency Minister Al Kaabi added: "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 meters and cover an area of approximately 1,420 and 2,400 square kilometers, respectively.

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