Qatar Energy signs a contract with ExxonMobil Canada to participate in an offshore exploration license

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© Reuters. Qatar’s new energy logo during a press conference in Doha on October 11, 2021. Image obtained by Reuters from the Qatar News Agency.

from Andrew Mills

DUBAI (Reuters) – State-owned Qatar Energy said on Sunday it had signed an agreement to acquire a 40 percent stake in one of ExxonMobil’s largest offshore exploration in Canada.

Qatar Energy said in a statement that the agreement represented its first attempt at offshore exploration in Canada.

“Under the agreement, Qatar Energy will own a 40 percent participating interest in the exploration license EL 1165A, in which drilling activities for the Hampden exploration well will begin, and ExxonMobil Canada will retain the remaining stake,” the statement said.

Exploration activities related to the deep-water Hampden well are located 450 kilometers off the coast of Newfoundland and Labrador.

Qatar Energy has expanded its activities globally in the past two years, winning stakes in oil and gas projects around the world by signing agreements with major energy companies, including ExxonMobil.

Qatar is the world’s largest exporter of liquefied natural gas and aims to increase its production to 127 million tons annually by 2027 from 77 million currently.

(Prepared by Ali Khafagy for the Arabic Bulletin – Edited by Suha Jado)

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