Qatar Energy has signed an agreement with ExxonMobil Canada to acquire a share of two offshore exploration licenses off the coast of Newfoundland and Labrador in Canada.
Under the agreement, Qatar Energy has a 28 percent participation in the exploration license EL 1167, as preparations for exploration activities in the Gail well continue.
ExxonMobil Canada (the operator) holds a 50 percent stake, and Synovas Energy holds a 22 percent stake. Qatar Energy also owns a 40 percent interest in the exploration license EL 1162, while ExxonMobil Canada (the operator) retains the remaining 60 percent interest.
The agreement has received all necessary approvals from the Canada Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).
In the context, HE Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Energy, stressed that the signing of this agreement with strategic partner ExxonMobil enhances the presence in the Canadian Atlantic exploration areas, which is part of Qatar’s growth efforts. Energy International, looking forward to continuing to operate in Canada’s regulatory, transparent and stable business environment.
His Excellency added, “I would like to take this opportunity to thank the Canada Newfoundland and Labrador Marine Petroleum Council, which supported this agreement, and our strategic partner, Exxon Mobil, for their cooperation in reaching the agreement, and I look forward to a successful exploration campaign with our two partners.”
The two marine areas subject to the agreement lie in waters ranging from 100 to 1,200 meters in depth, and cover an area ranging from 1,420 to 2,400 square kilometres.
