QatarEnergy has recently signed deals to acquire stakes in offshore explorations in Canada, Lebanon, and Iraq.
QatarEnergy has taken a step towards expanding its global energy portfolio with the announcement of a new deal on Wednesday, acquiring stakes in two of ExxonMobil’s offshore explorations in Canada.
The move follows the state-owned company’s initial entry into offshore exploration in Canada in 2021 when it acquired a 40% stake in ExxonMobil’s EL 1165A license off the coast of Newfoundland and Labrador.
Under the latest farm-in agreement, QatarEnergy has gained a 28% interest in license EL 1167, while ExxonMobil Canada retains 50% and Cenovus Energy holds 22%.
Additionally, QatarEnergy has acquired a 40% stake in license EL 1162, with ExxonMobil Canada retaining 60%. This new deal marks another milestone for QatarEnergy’s continued efforts to broaden its global energy portfolio.
“We are pleased to sign this agreement with our strategic partner, ExxonMobil, to further grow our offshore Atlantic Canada portfolio as part of our international growth drive,” QatarEnergy CEO Saad Al-Kaabi said in a statement.
The company has been actively expanding its presence on the international stage, forging strategic partnerships with major energy companies to purchase stakes in oil and gas projects worldwide.
Qatar is already recognised as one of the largest liquefied natural gas suppliers globally, and the country is determined to boost production from 77 million tonnes to 126 million tonnes annually by 2027, as part of its two-phase North Field expansion project.
With that being said, QatarEnergy made significant progress towards this goal last year, signing five deals with international majors such as ExxonMobil, TotalEnergies, ConocoPhillips, ENI, and Shell for the North Field project.
Regionally, QatarEnergy has joined forces with TotalEnergies and Eni in a consortium to explore oil and gas in two maritime blocks off Lebanon.
The company is also in negotiations to acquire a stake in TotalEnergies’ oil and gas projects in Iraq, demonstrating its continued efforts to broaden its energy portfolio across the globe.