Asset/portfolio management

ExxonMobil and QatarEnergy Win Deepwater Exploration Block Offshore Canada

BP and Equinor win four deepwater exploration blocks in the C-NLOPB’s call for bids.

Newfoundland and Labrador
Source: FotografiaBasica/Getty Images

US supermajor ExxonMobil and state-owned QatarEnergy have won a bid for a key exploration block offshore the Canadian province of Newfoundland and Labrador.

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced on 2 November that five successful bids were received in its NL22-CFB01 Eastern Newfoundland Region Call for Bids, delivering more than $238.1 million in work commitments covering more than 1.2 million hectares.

ExxonMobil and QatarEnergy's winning bid of $181.6 million for the Parcel 8 deepwater acreage in the Orphan Basin region covers 267,686 hectares. ExxonMobil will operate the offshore block that it holds a 70% interest in, while QatarEnergy holds the remaining 30% interest.

HE Minister of State for Energy Affairs and QatarEnergy CEO Saad bin Sherida Al Kaabi said in a release posted on the Qatar News Agency that the company looks “forward to maturing the lead prospect's potential, testing an exciting play within a transparent and stable regulatory environment."

Parcel 8 lies in water depths of 2500 to 3000 m and covers an area of approximately 2700 km2. Entry to the Parcel 8 license is subject to customary government approvals, according to the C-NLOPB.

While Parcel 8 secured the highest bid amount in the call, the remaining four parcels brought in a combined $56.5 million from BP and Equinor.


ParcelHectaresSuccessful BiddersSuccessful Bid Amount

ExxonMobil Canada Ltd. (70%)

QPI Energy Canada Ltd.  (30%)

12266,079BP Canada Energy Group ULC (100%)$16,500,000

Equinor Canada Ltd. (60%)

BP Canada Energy Group Ltd.  (40%)


Equinor Canada Ltd. (60%)

BP Canada Energy Group Ltd.  (40%)


Equinor Canada Ltd. (60%)

BP Canada Energy Group Ltd.  (40%)