March 13, 2018 / 9:41 AM / 3 months ago

Qatar Petroleum renews shared oilfield concession agreement with UAE

DUBAI (Reuters) - Qatar Petroleum said on Tuesday it has signed a concession agreement with the United Arab Emirates to continue the development and operation of the shared Al-Bunduq offshore oil field.

Cars are parked outside the headquartes of Qatar Petroleum in Doha, Qatar, July 8, 2017. Picture taken July 8, 2017. REUTERS/Stringer

The agreement, which comes amid an embargo on Doha by some Arab countries, including the UAE, was signed with Abu Dhabi Supreme Petroleum Council, Abu Dhabi National Oil Company (ADNOC), Japan’s United Petroleum Development Co, and Bunduq Company Ltd, QP said in a statement on its website.

“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.

Reporting by Maha El Dahan and Rania El Gamal; editing by Jason Neely

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