QatarEnergy Farms Into ExxonMobil's Block Offshore Canada

QatarEnergy Farms Into ExxonMobil's Block Offshore Canada
QatarEnergy has signed a farm-in agreement with ExxonMobil for an exploration license offshore Canada.

Qatar’s state-owned oil and gas company QatarEnergy has signed a farm-in agreement with ExxonMobil’s Canadian subsidiary for an exploration license offshore Canada.

Until recently, the Qatari company was known as Qatar Petroleum but decided to change the name to reflect its new strategy focused on the energy transition.

QatarEnergy said via its social media channels that an agreement was signed with ExxonMobil, allowing it to farm into an exploration license offshore the province of Newfoundland and Labrador in Canada.

“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,” Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, said.

The company added that the transaction received all necessary consents from the Canada – Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).

As a result of the transaction, QatarEnergy will hold a 40 percent participating interest in license EL 1165A while the remaining interest will be held by ExxonMobil Canada. The license covers the Hampden exploration well activities.

Located around 280 miles east of the city of St. John’s in Newfoundland and Labrador, the block included in this license is situated in water depths of 3,610 feet.

“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,” Al-Kaabi added.

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