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QatarEnergy has won a bid for Parcel 8 of the Orphan Basin, offshore the province of Newfoundland and Labrador in Canada.
The Parcel 8 winning bid by QatarEnergy (30% working interest) and ExxonMobil (operator, with a 70% working interest) was announced by the Canada-Newfoundland and Labrador Offshore Petroleum Board as part of the 2022 call for bids.
Saad Al-Kaabi, Qatar Minister of State for Energy Affairs and President & CEO of QatarEnergy, said winning the bid was part of the company's ambition to further "increase our footprint in the Atlantic basin, as part of our international growth drive."
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, QatarEnergy said in a statement. Entry to the Parcel 8 license is subject to customary government approvals.
Last year, QatarEnergy signed a deal for a 40% stake in one of ExxonMobil’s major offshore explorations in Canada, marking its first foray into offshore exploration in Canada.
(Writing by Brinda Darasha; editing by Seban Scaria)
