QP extends Abu Dhabi concession
Multinational “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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