Qatar Energy announced the signing of a maritime acquisition agreement for exploration off the coast of Newfoundland and Labrador in Canada.

Qatar Energy said it signed the agreement with ExxonMobil Canada, which includes obtaining two exploration licenses.

According to the agreement, Qatar Energy holds a 28 percent participating interest in exploration license EL 1167, and preparations for exploration activities in the Gill well continue.

Qatar Energy

ExxonMobil Canada (the operator) holds a 50% share, and Sinopec Energy holds a 22% share.

Qatar Energy also owns a 40% stake in exploration license EL 1162, while ExxonMobil Canada (the operator) retains the remaining 60% share.

The agreement received all necessary approvals from the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).

Commenting on the occasion, His Excellency Engineer Saad bin Sharida Al Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, said: “We are pleased to sign this agreement with our strategic partner ExxonMobil, which enhances our presence in the Canadian Atlantic exploration areas.”

Which is part of our international growth efforts, and we look forward to continuing to work in Canada’s business environment, which is regulatory, transparent, and stable.

His Excellency Minister Al Kaabi also added: “I would like to take this opportunity to thank the Canada-Newfoundland and Labrador Offshore Petroleum Board for supporting this agreement, and our strategic partner ExxonMobil for their cooperation in reaching the agreement, and I look forward to a successful exploration campaign with our two partners.”

Sustainable Development

The two maritime areas subject to the agreement are located in waters ranging in depth from 100 to 1,200 meters and cover an area ranging between 1,420 and 2,400 square kilometers.

Qatar Energy is an integrated energy company committed to the sustainable development of cleaner energy resources as part of the energy transition in the State of Qatar and beyond.

Meanwhile, Al Kaabi continued: “We are the global leader in liquefied natural gas, which is considered a cleaner, more flexible, and reliable energy source, and an integrated partner in the energy transition worldwide.”

He pointed out that activities cover various stages of the oil and gas industry, including exploration, production, refining, marketing, trading and selling oil, gas, petroleum derivatives, petrochemicals, and conversion products.