Qatar Energy signed an agreement with ExxonMobil Canada to acquire a stake in two offshore exploration licenses off the coast of the province of Newfoundland and Labrador in Canada.

According to a company statement, under the agreement, Qatar Energy holds a 28% participating interest in exploration license EL 1167, with preparations ongoing for exploration activities at the "Gale" well.

ExxonMobil Canada (the operator) holds a 50% stake, and CNOOC Energy holds 22%. Qatar Energy also owns 40% of exploration license EL 1162, while ExxonMobil Canada, the operator, retains a 60% stake.

The Qatari Minister of State for Energy Affairs and CEO of Qatar Energy, Saad Sherida Al Kaabi, said that signing this agreement with the strategic partner ExxonMobil enhances the presence in Canada's Atlantic exploration areas, which are part of Qatar Energy's international growth efforts, looking forward to continuing work within Canada’s regulatory, transparent, and stable business environment.

The two maritime areas covered by the agreement are located in waters with depths ranging from 100 to 1200 meters and cover an area ranging between 1420 and 2400 square kilometers.

Qatar Energy had also announced in early November its winning of the exploration and drilling rights in area number 8 of the Orphan Basin offshore Newfoundland and Labrador, Canada. Qatar Energy holds a 30% share of the area along with ExxonMobil, the operator, holding a 70% stake.