Qatar renews Al-Bunduq oil address Abu Dhabi

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Hiss-owned Qatar Petroleum (QP) has renewed its contract with Abu Dhabi to continue working a shared offshore oilfield, amid the persevering with blockade by a quartet of Arab countries against Qatar.

The recent deal on the Al-Bunduq offshore place replaces the distinctive agreement signed in 1953 between Abu Dhabi and a non-public oil exploration firm, QP acknowledged in a assertion on Tuesday.

In March 1969, Qatar and Abu Dhabi signed a deal to share equally Al-Bunduq field. It became as soon as level to in 1965 and commenced working in 1975.

“We’re happy to signal this concession agreement, which is able to invent sure the persevered development and operation of the Al-Bunduq oil field for many future years lend a hand,” Saad Sherida al-Kaabi, president and CEO of QP, acknowledged on Tuesday.

The Bunduq Company, which operates Al-Bunduq field, is a Eastern-owned firm.

Following the tips of the deal on Tuesday, the United Arab Emirates (UAE) Supreme Petroleum Council issued a assertion denying Abu Dhabi’s characteristic in reaching the agreement with QP.

Abu Dhabi is one of seven emirates of the UAE.

“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 Eastern consortium for the past four a long time,” consistent with a assertion published by the UAE direct recordsdata agency WAM.

“This concession became as soon as now no longer too long ago extended by each respective authorities to the Eastern consortium and not utilizing a negate communication or engagement between the 2 states.

“There might perchance be no longer always a commercial or buying and selling relationship being established between the UAE and Qatar by the extension of this concession.”

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

The quartet imposed a land, sea, and air blockade on Qatar, and also averted Qatari aircraft from entering their airspace.

Qatar has vigorously rejected the accusations nonetheless refrained from imposing reciprocal punitive measures on the four states.

Regardless of the blockade, Qatar continues to provide the UAE with two billion cubic toes of gas daily.

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