2023-03-29 07:31:27 ET
QatarEnergy said Wednesday it entered into a farm-in agreement with Exxon Mobil ( NYSE: XOM ) to acquire stakes in two offshore oil and gas exploration blocks in Newfoundland & Labrador in Canada.
QatarEnergy agreed to acquire a 28% interest in license EL 1167, with Exxon ( XOM ) owning 50% and Cenovus Energy ( CVE ) 22%, and a 40% stake in license EL 1162, with Exxon holding 60%; financial terms were not disclosed.
Qatar, already one of the world's largest liquefied natural gas suppliers, has expanded internationally in recent years, gaining stakes in energy projects around the world by signing deals with major companies.
Exxon Mobil ( XOM ) is "a strong buy as an income and growth consideration based upon the Guyana partnership progress," Long Player writes in an analysis posted recently on Seeking Alpha .
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Qatar takes stakes in two Exxon blocks offshore eastern Canada