Mubasher: Qatar Petroleum on Tuesday announced signing a concession agreement with the UAE to develop and operate the shared Al-Bunduq offshore oil field.
This is the first agreement to be signed between Qatar and the UAE, especially after the quartet — the UAE, Bahrain, Saudi Arabia, and Egypt — boycotted Qatar last summer.
The agreement was signed between Qatar Petroleum and the Abu Dhabi Supreme Petroleum Council, Abu Dhabi National Oil Company (ADNOC), United Petroleum Development Company Ltd, and Bunduq Company Limited (operator), an official statement by Qatar Petroleum showed.
The new deal replaces the original concession agreement signed in March 1953 between the ruler of Abu Dhabi and D’Arcy Exploration Company Limited.
The deal is a renewal of the original agreement which expired on 8 March 2018.
"We are delighted to sign this concession agreement, which will ensure the continued development and operation of the Al-Bunduq oil field for many years to come,” Saad Sherida Al-Kaabi, Qatar Petroleum President & CEO, said.
On the other hand, the Abu Dhabi Supreme Petroleum Council noted that the Qatari company had not granted any privileges.
