Qatari state-owned petroleum company, QatarEnergy has entered into a farm-in agreement with ExxonMobil Canada for two exploration licenses offshore in the province of Newfoundland and Labrador in Canada.
According to the agreement, QatarEnergy holds a 28 percent working interest in license EL 1167, where the Gale exploration well and associated activities are planned.
“ExxonMobil Canada (operator) holds 50 percent while Cenovus Energy holds 22 percent. QatarEnergy also holds a 40 percent working interest in license EL 1162, while ExxonMobil Canada (operator) holds the remaining 60 percent,” as per the statement.
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.
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 and QatarEnergy President and CEO HE Saad Sherida Al Kaabi, said that, “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 continuing working within Canada’s transparent and stable regulatory environment.”
Mr. Al Kaabi further stated that, “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.”
