ExxonMobil farms out interests off Eastern Canada to QatarEnergy

ExxonMobil Canada agreed to farmout certain exploration portfolio interests in Atlantic Canada to Qatar Energy.

QatarEnergy entered a farm-in for two exploration licenses offshore the province of Newfoundland and Labrador, the company said in a release Mar. 29.

Pursuant to the agreement, QatarEnergy holds a 28% working interest in ExxonMobil-operated (50%) license EL 1167, where the Gale exploration well and associated activities are planned. Cenovus Energy holds the remaining 22%.

QatarEnergy also gains 40% working interest in ExxonMobil-operated (60%) license EL 1162.

The licenses lie offshore Eastern Canada in water depths of 100-1,200 m and cover an area of about 1,420 and 2,400 sq km, respectively.

The deal has completed necessary formalities with the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).