QP extends Abu Dhabi concession

DUBAI, March 13, 2018 – Qatar Petroleum (QP) has renewed its agreement with Abu Dhabi for the shared El Bunduq oilfield despite an ongoing boycott on Qatar by the UAE and other Arab states, the Qatari NOC said on Tuesday.

“We are delighted to sign this concession agreement, which will ensure the continued development and operation of the El Bunduq oil field for many years to come,” Saad Sherida Al Kaabi, QP’s CEO and president, said in a statement.

The offshore field started operations in 1975 under a concession agreement originally signed in March 1953, which expired on March 8, the press release added. It is operated by Japan’s United Petroleum Development, a company owned by Cosmo (45%), JX Nippon (45%) and Mitsui (10%).

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