QatarEnergy acquires stake in Canadian plays

Qatar

DOHA, March 30, 2023 – QatarEnergy has signed an agreement with ExxonMobil for shares in two offshore exploration licences on the east coast of Canada, the Qatari NOC announced on Wednesday.

The sale sees the company taking a 28% stake in the EL 1167 licence and a 40% stake in the EL 1162 licence both located in the province of Newfoundland and Labrador.

The EL 1167 concession is operated by ExxonMobil with a 50% share, with partner Cenovus Energy holding the remaining 22% stake. The area contains the Gale exploration well and covers an area of around 1,420 square kilometres.

The EL 1162 concession is majority held by ExxonMobil with the remaining 60% stake. It covers an area of around 2,400 square kilometres.

Both plays lie in water depths ranging from 100 and 1,200 metres.

All regulatory approvals have been completed for both transactions.

Cost of the purchases was not disclosed.

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