Saudi capital market regulator gives nod for 4 new listings on stock exchange

Saudi capital market regulator gives nod for 4 new listings on stock exchange
Saudi capital market regulator gives nod for 4 new listings on stock exchange

Thank you for reading the news about Saudi capital market regulator gives nod for 4 new listings on stock exchange and now with the details

Jeddah - Yasmine El Tohamy - DOHA: Qatar's state-owned energy company on Wednesday signed a deal to acquire from ExxonMobil stakes in two Canadian offshore explorations block, the latest in the Gulf state's efforts to expand its global oil and gas portfolio.

QatarEnergy, the world's largest producer of liquefied natural gas, has in recent years entered some of the most promising oil and gas basins through deals with top Western companies eager to secure stakes in Qatar's LNG industry.

As part of its quest to diversify internationally, QatarEnergy has in recent years picked up exploration blocks in basins including Guyana, Namibia, South Africa and Cyprus from companies including TotalEnergies, Shell and Exxon.

More recently it joined TotalEnergies and Italy's Eni in a three-way consortium to explore oil and gas in two maritime blocks off the coast of Lebanon. It is also in discussions to enter a large project in Iraq with TotalEnergies, Reuters reported.

The Qatari company first entered offshore exploration in Canada in 2021 with a 40 percent stake in ExxonMobil's license for EL 1165A off the coast of Newfoundland and Labrador.

The latest farm-in agreement announced on Wednesday gives QatarEnergy a 28 percent interest in license EL 1167, with ExxonMobil Canada holding 50 percent and Cenovus Energy 22 percent, as well as 40 percent in license EL 1162, with ExxonMobil Canada holding 60 percent.

"We are pleased to sign this agreement with our strategic partner, ExxonMobil, to further grow our offshore Atlantic Canada portfolio as part of our international growth drive," QatarEnergy CEO Saad Al-Kaabi said in a statement.

For the Western companies, awarding QatarEnergy stakes in lucrative prospects is part of a wider quest to tighten ties with the company in an effort to secure a share in the Gulf country's sprawling LNG operations.

New natural gas sources

Demand for natural gas is expected to rise in the coming decades as countries shift away from the more polluting coal to generate electricity.

Europe's efforts to find new sources of natural gas to replace supplies from Russia in the wake of its invasion of Ukraine in February 2022 further strengthened the outlook for LNG demand.

Qatar last year picked Exxon, TotalEnergies, Shell, Eni and ConocoPhillips as partners in a $30 billion expansion of its LNG production, known as North Field East. It also awarded stakes in a second expansion phase, known as North Field South later last year.

Qatar is the world's largest LNG supplier and aims to expand production to 126 million tonnes annually by 2027 from 77 million tonnes under the two-phase North Field expansion project.

These were the details of the news Saudi capital market regulator gives nod for 4 new listings on stock exchange for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia, China discuss collaboration in urban development during Beijing meeting

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]