QatarEnergy Signs Farm-in Agreement with ExxonMobil Canada

ExxonMobil (XOM.N) has signed a deal with QatarEnergy to sell a 40% stake in one of its major offshore exploration projects in Canada

QatarEnergy will receive a farm-in exploration licence for EL 1165A from ExxonMobil Canada.

This would be QatarEnergy’s first move into Canadian offshore exploration, taking place 450 km off the coast of Newfoundland and Labrador.

Qatar Energy had also signed deals with major energy companies, such as ExxonMobil, to obtain stakes in oil and gas projects across the globe.

Qatar, being the world’s largest supplier of LNG (liquefied natural gas), ambitions to double its production to 127 million tonnes by 2027.

About QatarEnergy

Qatar Energy, formerly Qatar Petroleum (QP), is a state owned petroleum company of Qatar. The company operates all oil and gas activities in Qatar, including exploration, production, refining, transport, and storage. As of 2018 it was the third largest oil company in the world by oil and gas reserves.