QatarEnergy, ExxonMobil win exploration bid in Parcel 8 offshore Canada

By Arya M Nair, Intern Reporter
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Qatar Energy_ExxonMobil win Canada offshore exploration block
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Qatari state-owned petroleum company, QatarEnergy and US-based ExxonMobil have secured a key exploration of an offshore block offered by the province of Newfoundland and Labrador in Canada.

The Parcel 8 of the Orphan Basin winning bid by QatarEnergy, a 30 percent working interest, and ExxonMobil, the operator with a 70 percent working interest, was announced by the Canada-Newfoundland and Labrador Offshore Petroleum Board ‘C-NLOPB’ as part of the 2022 Newfoundland and Labrador Call For Bids NL22-CFB01.

Saad Sherida Al Kaabi_Qatar Energy wins offshore block exploration in Canada
Saad Sherida Al Kaabi
President & CEO

“We are pleased to be the successful bidder in Parcel 8 offshore Canada, and look forward to maturing the lead prospect’s potential, testing an exciting play within a transparent and stable regulatory environment. This successful bid demonstrates our ambition to further increase our footprint in the Atlantic basin, as part of our international growth drive. I would like to take this opportunity to thank the C-NLOPB for an efficient tender process, as well as our strategic partner, ExxonMobil, for their excellent cooperation in achieving this result.”

Located offshore Eastern Canada, Parcel 8 lies in water depths of 2,500 to 3,000 meters and covers an area of approximately 2,700 square kilometers. Entry to the Parcel 8 license is subject to customary government approvals.

Last year, QatarEnergy signed a deal with ExxonMobil for a separate exploration license offshore Newfoundland & Labrador, dubbed Block EL 1165A. QatarEnergy holds a 40 percent participating interest in Block EL 1165A, while the remaining 60 percent stake is held by ExxonMobil’s Canada unit.

Recently, QatarEnergy and ExxonMobil agreed to independently offtake and market their respective proportionate equity shares of LNG produced by the Golden Pass LNG Export Project in the US.

Related: QatarEnergy picks ConocoPhilips as its 3rd & final NFS Project partner