Qatar’s state-owned energy producer is looking to Eastern Canada to build exploration prospects after taking sizable stakes in ExxonMobil’s Newfoundland and Canada offshore acreage.

QatarEnergy agreed to join ExxonMobil Canada in developing exploration licenses (EL) 1162 and 1167, both in the deep waters offshore Eastern Canada. While Eastern Canada is not known as a natural gas-rich basin, the global producer and liquefied natural gas leader has for years worked to capture energy opportunities beyond its borders.

The latest agreement, said QatarEnergy CEO Saad Sherida Al-Kaabi, is designed “to further grow our offshore Atlantic Canada portfolio as part of our international growth drive, and look forward to continue working within Canada’s transparent and stable...