Skip to content Skip to Search
Skip navigation

QatarEnergy buys stakes from Exxon in Canadian offshore blocks

QatarEnergy CEO and Qatari minister of energy Saad Sherida al-Kaabi. Qatar wants to increase Al Shaheen’s production capacity by 100,000 bpd Reuters/Mohammed Dabbous
QatarEnergy CEO and Qatari minister of energy Saad Sherida al-Kaabi. Qatar wants to increase Al Shaheen’s production capacity by 100,000 bpd

State-owned QatarEnergy has signed an agreement with US-based ExxonMobil to buy stakes in two Canadian offshore exploration blocks.

The farm-in agreement, signed on Wednesday, gives QatarEnergy a 28 percent interest in licence EL 1167, with ExxonMobil Canada holding 50 percent and Cenovus Energy 22 percent. 

In addition, QatarEnergy will hold 40 percent of licence EL 1162, with ExxonMobil Canada owning 60 percent.

The transaction has completed all necessary formalities with Canada- Newfoundland and Labrador Offshore Petroleum Board.

“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.

Located offshore Eastern Canada, EL 1167 and EL 1162 lie in water depths ranging from 100 to 1,200 metres and cover an area of approximately 1,420 and 2,400 sq km, respectively.

As part of its expansion strategy, QatarEnergy has acquired exploration licenses in several including South Africa, Namibia and Cyprus, from global companies.

In January, the Lebanese energy ministry reported that QatarEnergy will join TotalEnergies and Eni in a three-way consortium to explore oil and gas in two maritime blocks.

QatarEnergy is set to take a 30 percent stake, leaving France’s TotalEnergies and Italy’s Eni with 35 percent each, Reuters reported. 

Qatar is the world’s largest LNG supplier and plans to expand output to 126 million tonnes annually by 2027 from 77 million tonnes under the two-phase North Field expansion project. 

Latest articles

More than 24 million people visited the World Expo event at Expo City Dubai between October 2021 and March 2022

Construction begins at Expo City Dubai site

Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […]

Saudi housing costs rose nearly 9% year on year in May

Saudi housing costs rise but inflation remains steady

Housing costs in Saudi Arabia rose nearly 9 percent year on year in May, but it was not enough to push overall inflation in the kingdom over 2 percent. The latest data from the General Authority for Statistics showed the annual inflation rate in Saudi Arabia was 1.6 percent in May, having remained at this […]

OTB Group has a presence in Dubai with its Maison Margiela store in the Dubai Mall

Chalhoub Group in venture with Italian luxury brand

Luxury distributor Chalhoub Group has entered into a joint venture with Italian fashion conglomerate OTB Group to expand the brand’s footprint in the Gulf. OTB (which stands for Only The Brave) owns the Diesel, Jil Sander, Maison Margiela, Marni and Viktor&Rolf brands, the Staff International and Brave Kid companies, and holds a stake in the […]

Arid conditions brought about by the drought in Morocco are affecting the cost of sheep

Drought pushes up sheep price for Eid in Morocco

The price for a sheep in Morocco for the annual sacrifice at Eid al-Adha has increased on average at 10 times the 2.2 percent rate of inflation. A medium-sized female sheep costs MAD4000 ($400) as opposed to MAD3000 last year. This puts it out of range for many families in the country where a high […]