As part of its global oil and gas portfolio expansion strategy, QatarEnergy has signed a farm-in agreement to acquire stakes in two offshore exploration blocks from ExxonMobil Canada. The agreement grants QatarEnergy a 28% interest in licence EL 1167 and a 40% interest in licence EL 1162, both offshore Newfoundland and Labrador, with ExxonMobil Canada and Cenovus Energy holding the remaining stakes. QatarEnergy first entered offshore exploration in Canada two years ago with a 40% stake in ExxonMobil’s licence for EL 1165A off the coast of Newfoundland and Labrador. The transaction has completed all necessary formalities with Canada-Newfoundland and Labrador Offshore Petroleum Board.
QatarEnergy has been expanding its global portfolio through various deals, including agreements with TotalEnergies, Shell, Eni, ConocoPhillips, and the Lebanese government. It also recently signed a 27-year deal with China’s Sinopec, the longest LNG agreement to date. The company aims to expand its production to 126 million tonnes annually by 2027 under the two-phase North Field Expansion project.