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

FILE PHOTO: United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi/File Photo

UAE and Kenya complete Cepa negotiations

The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […]

The 450 companies operating at Dubai Science Park include AstraZeneca, and the free zone plans to add 200,000 sq ft of lab and office space

Dubai Science Park reveals expansion plans

Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI.  Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […]

A worker at a phosphate production plant in Metlaoui, Tunisia. Phosphate accounts for 15% of Tunisia's exports

Saudi Arabia loans $55m for Tunisian rail renewal

Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network.  The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […]

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]