Qatar Petroleum has signed a renewed concession agreement in connection with the continued development and operation of the Al-Bunduq offshore oilfield, which straddles the border between the country and UAE.
The agreement was signed with the Abu Dhabi Supreme Petroleum Council, Abu Dhabi National Oil Company (Adnoc), Japanese consortium United Petroleum Development and Bunduq Company.
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The original concession agreement signed in 1953 has expired, with the latest agreement seeking to replace it.
An agreement was reached in March 1969, with it decided that Qatar and Abu Dhabi will equally share the Al-Bunduq field.
Qatar Petroleum president and CEO Saad Sherida Al-Kaabi said: “We are delighted to sign this concession agreement, which will ensure the continued development and operation of the Al-Bunduq oilfield for many years to come.
“We are confident that Bunduq Company will spare no effort to take advantage of the field’s full potential during the next period of its life for the benefit of all parties.”
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By GlobalDataThe field is operated by Bunduq Company and discovered in 1965, with production starting in 1975.
Crude oil production from the field is exported to Japan and other Asian markets.
United Petroleum holds a 97% participating interest in the project, while the remaining 3% is owned by BP.
