This comes as the company aims to diversify its global explorations.
QatarEnergy signed a deal to acquire a 40% stake in one of ExxonMobil’s major offshore explorations in Canada on Sunday, the first such deal in the North American nation for the leading Qatari energy company.
“We are pleased to conclude this agreement which represents our first entry into Offshore Canada, in an established producing basin with the leading producer in the area,” Qatar’s energy minister and QatarEnergy CEO, Saad Al-Kaabi said in a statement.
Expanding its presence in North America
— QatarEnergy (@qatar_energy) October 24, 2021
Under the agreement, QatarEnergy is given a license for EL 1165A offshore the province of Newfoundland and Labrador, which is held by ExxonMobil Canada to carry out the Hampden exploration well activities.
The Qatari company said the licensed area is located “approximately 450 km east of the city of St. John’s in Newfoundland and Labrador in water depths of approximately 1,100 meters”.
The deal was finalised following approval from the Canada-Newfoundland and Labrador Offshore Petroleum Board.
“This [the deal] builds on our strong partnership with ExxonMobil and is an important addition to our growing international exploration portfolio,” said Al-Kaabi.
In 2020, the energy company, known as Qatar Petroleum at the time, signed three farm-in agreements with Total to obtain almost 30% of the French firm’s interest in blocks 15, 33, and 34 in the Campeche basin offshore Mexico.
On 11 October this year, Qatar Petroleum changed its name to QatarEnergy as the company continues to expand projects in the energy sector.
The new identity matches the company’s aspirations to deliver cleaner energy to the world and reflect its role as an active global partner in energy transition.
Currently, Qatar is moving towards becoming the largest LNG producer by 2030 through its $28.7 billion North Field Expansion project – the biggest such project in the world.
This is set to raise Qatar’s LNG production capacity from 77 million metric tonnes per year to 110 million metric tonnes per year by 2025.