Qatar Energy Company announced today, Thursday, that it has won exploration and exploration rights in Block 8 of the Urvan Basin offshore Newfoundland and Labrador in Canada.
The Qatari government-owned company said in a statement that the boycott government announced that the consortium consisting of Qatar Energy and the US "ExxonMobil" had won the exploration rights in Block 8.
Qatar Energy will get 30% of the project, while ExxonMobil will get 70%.
The statement quoted Qatar's Minister of State for Energy Affairs Saad Sherida Al Kaabi as saying that Doha is looking forward to encouraging results for offshore exploration, as well as to working in a transparent and stable regulatory environment.
He added, "Our participation in the bidding round reflects our interest in increasing our presence in the Atlantic Basin, which is part of our international growth efforts."
Marine Zone 8 is located in waters between 2,500 and 3,000 meters deep, with an area of about 2,700 square kilometres. Participation in Zone 8 will be subject to regular official approvals.
Last October, Al-Kaabi said that Qatar Energy would be the largest liquefied gas trading company in the world within 5 to 10 years.
"We are currently selling about 5 to 10 million tons of LNG. In 5 to 10 years, we will be leading the way in LNG sales," he told an energy forum in London.
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