QatarEnergy Signs Farm-In Agreement with ExxonMobil Canada
Date
3/30/2023 2:45:39 AM
(MENAFN) QatarEnergy has signed a farm-in agreement with ExxonMobil Canada for two exploration licenses offshore the province of Newfoundland and Labrador in Canada. Under the agreement, QatarEnergy holds a 28 percent working interest in license EL 1167, where the Gale exploration well and associated activities are planned. ExxonMobil Canada is the operator and holds a 50 percent working interest, while Cenovus Energy holds 22 percent. QatarEnergy also holds a 40 percent working interest in license EL 1162, while ExxonMobil Canada is the operator and holds the remaining 60 percent.
The transaction has completed all necessary formalities with the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), and the exploration campaign is set to begin. The licenses, located offshore Eastern Canada, lie in water depths ranging from 100 to 1,200 meters and cover an area of approximately 1,420 and 2,400 square kilometers, respectively.
HE Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, expressed his pleasure in signing the agreement with strategic partner ExxonMobil Canada to further grow QatarEnergy's offshore Atlantic Canada portfolio. He also expressed his gratitude to the C-NLOPB for their support throughout the process and looked forward to a successful exploration campaign with their partners.
The farm-in agreement is part of QatarEnergy's international growth drive, and the company is committed to working within Canada's transparent and stable regulatory environment. The exploration campaign is expected to deliver valuable insights into the potential of the offshore Newfoundland and Labrador area and contribute to the development of the province's energy sector.
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