Arab Canada News
News
By Omayma othmani
Published: March 29, 2023
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.
US politics, Canada’s multiculturalism, South America’s geopolitical rise—we bring you the stories that matter.
By signing up, you agree to our Privacy Policy
There are many ways to save money while traveling, from booking flights in advance to taking adv...
7 August 2023Thanks to the rise in remote work options around the world, people now have the choice to wor...
7 August 2023A 21-year-old girl was found dead inside an apartment in Mississauga earlier in July. The Pee...
7 August 2023Canada continues to face a hotter-than-usual summer, according to Environment and Climate Change C...
7 August 2023The RBC Bank stated that it has seen tremendous demand for the First Home Savings Account (FHSA),...
7 August 2023Canadians will soon be able to access more federal government services and apply for them online –...
6 August 2023Wednesday, 02 July 2025
--°C
--°C
Comments