Qatar takes stakes in two Exxon oil and gas projects offshore Canada

Qatar takes stakes in two Exxon oil and gas projects offshore Canada

QatarEnergy said on Wednesday it signed a deal for stakes in two of ExxonMobil’s offshore explorations in Canada as the Qatari state-owned firm builds up its global energy portfolio.

The Qatari company first entered offshore exploration in Canada in 2021 with a 40 percent stake in ExxonMobil’s license for EL 1165A off the coast of Newfoundland and Labrador.

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The latest farm-in agreement announced on Wednesday gives QatarEnergy a 28 percent interest in license EL 1167, with ExxonMobil Canada holding 50 percent and Cenovus Energy 22 percent, as well as 40 percent in license EL 1162, with ExxonMobil Canada holding 60 percent.

“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,” QatarEnergy CEO Saad al-Kaabi said in a statement.

The company has in recent years expanded internationally, gaining stakes in oil and gas projects around the world by signing deals with major energy companies.

Qatar is already one of the world’s largest liquefied natural gas suppliers and aims to expand production to 126 million tonnes annually by 2027 from 77 million tonnes under its two-phase