Qatar Petroleum announces Abu Dhabi oil deal despite boycott

Cornelia Mascio
Marzo 13, 2018

But state news agency WAM quoted an official source at the Supreme Petroleum Council as saying that no concession was awarded to Qatar Petroleum. The signing of the new agreement follows the expiration of the original agreement on 8 March, 2018.

An agreement has been signed for the continued development and operation of the offshore Al-Bunduq oilfield which straddles the maritime boundary between the United Arab Emirates and Qatar.

Media reports said Qatar Petroleum signed a deal with Abu Dhabi to operate the Bunduq oil field that is shared between the two nations.

The United Arab Emirates (UAE) denied granting any concession to Qatar over the operation of a shared offshore oil field, local media reported Tuesday.

The signed agreement replaces the original concession agreement signed in March 1953 between the ruler of Abu Dhabi and D'Arcy Exploration Company Limited, which was amended several times since then. It has been operated via a concession with a Japanese consortium for over four decades.

"Al-Bunduq oilfield is shared equally by the emirate of Abu Dhabi and Qatar due to its geographic location. This concession was recently extended by each government respectively to the Japanese consortium with no direct communication between the two states", said the source.

In June 2017, the UAE, Saudi Arabia, Bahrain and Egypt broke off ties with Qatar accusing it of supporting "terrorist" groups and aligning itself too closely to their regional rival, Iran.

"There is no commercial or trading relationship being established between the UAE and Qatar by the extension of this concession".

Sanctions imposed by the boycotting countries include closing Qatar's only land border, stopping Qatari planes entering their airspaces and halting nearly all trade.

Kaabi has previously said Qatar would not cut gas supplies to the UAE.

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