QatarEnergy has entered into a farm-in agreement with ExxonMobil Canada for two exploration licences offshore the province of Newfoundland and Labrador in Canada.
Pursuant to the agreement, QatarEnergy holds a 28% working interest in licence 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 licence EL 1162, while ExxonMobil Canada (operator) holds the remaining 60%.
All requirements for the transaction have been completed with the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).
Located offshore Eastern Canada, EL 1167 and EL 1162 lie in water depths ranging from 100 to 1,200 metres and cover an area of approximately 1,420 and 2,400 square kilometres, respectively.
Saad Sherida Al-Kaabi, President and CEO of QatarEnergy, 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.”
