QatarEnergy, ExxonMobil Win Bid for Parcel 8 Offshore Canada

QatarEnergy, ExxonMobil Win Bid for Parcel 8 Offshore Canada

/ Financial News / Monday, 07 November 2022 11:30

QatarEnergy has announced a successful bid for Parcel 8 of the Orphan Basin, offshore the province of Newfoundland and Labrador in Canada.

The Parcel 8 winning bid by QatarEnergy (QPI Energy Canada Ltd – 30%  working interest) and ExxonMobil (the operator, with a 70% 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). Other successful bidders were Equinor and BP.

Commenting on this occasion, His Excellency Saad Sherida Al-Kaabi, the minister of state for energy affairs and the president and CEO of QatarEnergy, said, “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,” said Al-Kaabi.

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.

Source: C-NLOPB

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