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QatarEnergy has agreed to acquire stakes in two exploration blocks offshore the province of Newfoundland and Labrador in Canada from ExxonMobil Canada.

Under the farm-in agreement, Qatar’s state-owned energy company will acquire stakes in licences EL 1167 and EL 1162.

Located in water depths ranging from 100m to 1,200m, licences EL 1167 and ExxonMobil-operated EL 1162 cover an area of 1,420² and 2,400km² respectively.

Upon completion of the deal, QatarEnergy will have a 28% stake in licence EL 1167 while ExxonMobil Canada and Cenovus Energy hold 50% and 22% stakes, respectively.

QatarEnergy will own a 40% stake in licence EL 1162 while ExxonMobil Canada will own a 60% interest.

QatarEnergy president and CEO and Qatar Minister of State for Energy Affairs, Saad Sherida Al-Kaabi said: “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, and look forward to continuing working within Canada’s transparent and stable regulatory environment.”

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By GlobalData

The financial terms of the deal were undisclosed.

Last year, Qatar selected Exxon, TotalEnergies, Shell, Eni and ConocoPhillips as partners for its $30bn North Field East project.

In a separate announcement, the Chad government has approved a bill that nationalises all the oil and gas assets, including hydrocarbon permits, which were owned by Exxon Mobil’s subsidiary, reported Reuters.

In December 2022, Exxon Mobil closed the sale of its assets in Chad and Cameroon to Savannah Energy for $407m. The deal covered Exxon’s 40% stake in the Doba Oil Project in southern Chad and a 40% indirect controlling stake in the Chad-Cameroon export transportation system.