Despite the ongoing Gulf crisis, Qatar renews Al Bunduq oil deal with Abu Dhabi

Despite the ongoing Gulf crisis, Qatar renews Al Bunduq oil deal with Abu Dhabi

QLBusiness
By QLBusiness

State-owned Qatar Petroleum (QP) has renewed its contract with Abu Dhabi to continue operating a shared offshore oilfield, amid the continuing blockade by a quartet of Arab countries against Qatar, reported Al Jazeera.

The new deal on the Al Bunduq offshore site replaces the original agreement signed in 1953 between Abu Dhabi and a private oil exploration company, QP said in a statement on Tuesday.

In March 1969, Qatar and Abu Dhabi signed a deal to share the Al Bunduq field equally. It was discovered in 1965 and started operating in 1975.

“We’re 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,” said QP’s President and CEO Saad Sherida Al Kaabi.

The agreement was signed with Abu Dhabi’s Supreme Petroleum Council, Abu Dhabi National Oil Company, Japan’s United Petroleum Development Co, and Bunduq Company Ltd, reported Reuters.

“The signing of the new agreement comes as the original concession agreement expired on March 8, 2018. It will govern the continued development and operation of the shared field,” QP said.

The Bunduq Company, which operates the Al Bunduq field, is Japanese-owned.

Following the news of the deal, the UAE’s Supreme Petroleum Council issued a statement denying Abu Dhabi’s role in reaching the agreement with QP.

“Al-Bunduq oilfield is shared equally by the emirate of Abu Dhabi and Qatar due to its geographic location. It has been under management by a Japanese consortium for the past four decades,” said a statement published by the UAE’s state news agency WAM.

“This concession was recently extended by each respective government to the Japanese consortium with no direct communication or engagement between the two states.

“There’s no commercial or trading relationship being established between the UAE and Qatar by the extension of this concession,” the statement read.

Qatar supplies the UAE with natural gas through the Dolphin pipeline which pumps around 2bn cubic feet of gas per day. Doha said last year it had no plans to halt gas supplies despite the regional rift.

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