Qatar Petroleum International (QPI) has signed a memorandum of understanding with Canadian Natural Resources to explore joint investment opportunities.
The two companies say the deal is a non-exclusive alliance which may lead to joint exploration and development of projects.
Canadian Natural Resources is an oil and gas development company based in Calgary with operations in western Canada, the North Sea in Europe and offshore west Africa. It also has a division which focuses on drilling for heavy oil.
QPI, the overseas division of the state-run Qatar Petroleum (QP), is considering forming a consortium with the Qatar Investment Authority (QIA), the country's sovereign wealth fund, to invest in the energy sector (MEED 22:5:09).
QPI was launched in 2005 as a subsidiary of QP and has made global energy investments over the past two years.
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