ExxonMobil farms out interests off Eastern Canada to QatarEnergy

March 29, 2023
ExxonMobil Canada agreed to farmout certain exploration portfolio interests in Atlantic Canada to Qatar Energy.

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).