QatarEnergy enters deal with ExxonMobil to explore offshore Canada’s Atlantic coast

QatarEnergy has entered an agreement with ExxonMobil Canada to explore offshore from Newfoundland and Labrador, Canada. The agreement will have QatarEnergy holding 40% and ExxonMobil Canada owning the rest. The exploration site “represents our first entry into offshore Canada in an established producing basin with the leading producer in the area,” Qatar energy minister Saad al-Kaabi said in a statement. The block covered by the agreement is approximately 450km east of the city of St. Johns, at a depth of 1,100 meters. QatarEnergy has increasingly looked abroad for upstream assets in a global diversification push.