QatarEnergy has entered into a farm-in agreement with ExxonMobil Canada for two exploration licenses offshore Newfoundland and Labrador in Canada.
Under the agreement, QatarEnergy now holds a 28% working interest in license EL 1167, where the Gale exploration well and associated activities are planned. ExxonMobil Canada (operator) holds 50% while Cenovus Energy holds 22%. QatarEnergy also holds a 40% working interest in EL 1162, while ExxonMobil Canada (operator) holds the remaining 60%.
The transaction has completed all necessary formalities with the Canada-Newfoundland and Labrador Offshore Petroleum Board.
Located offshore Eastern Canada, EL 1167 and EL 1162 lie in water depths ranging from 100 to 1200 m and cover an area of approximately 1420 and 2400 km2, respectively.