Gulf Oil and Gas accountACCOUNT

Qatar Petroleum Signs Al-Bunduq Oilfield Concession Agreement with UAE

Source: www.gulfoilandgas.com 3/13/2018, Location: Middle East

Share |
Qatar Petroleum signed a concession agreement with the Abu Dhabi Supreme Petroleum Council (on behalf of the Government of Abu Dhabi), Abu Dhabi National Oil Company (ADNOC), United Petroleum Development Co Ltd (Japan), and Bunduq Company Limited (operator) for the continued development and operation of the shared Al-Bunduq offshore oil field.

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. In March 1969, the State of Qatar and the Emirate of Abu Dhabi signed an agreement stipulating that the Al-Bunduq field is equally owned by both sides.

On this occasion, Mr. Saad Sherida Al-Kaabi, the President & CEO of Qatar Petroleum, reaffirmed Qatar Petroleum’s commitment to its international reputation as a trustworthy national oil company and a reliable energy provider at all times and under all conditions.

Mr. Al-Kaabi said "We are 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. I would like to take this opportunity to thank our Japanese partners for their outstanding performance during more than four decades of the field’s life, and for their safe and environmentally friendly operations. We are confident that Bunduq Company Limited 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."

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.

Bunduq Company Limited, which operates and manages Al-Bunduq field, was established in 1970 and is fully owned by United Petroleum Development Co Ltd, a Japanese company owned by Japanese shareholders Cosmo (45%), JX Nippon (45%) and Mitsui (10%).

Al-Bunduq offshore oil field, shared between the State of Qatar and the Emirate of Abu Dhabi, was discovered in 1965 and commenced production in 1975. The field’s crude oil production is exported to Japan and other Asian markets.

Development News in Qatar >>

Iraq >>  8/19/2018 - Iraq’s state-run Basra Oil Company and Chevron agreed to begin implementing a memorandum of understanding to develop fields in the south of the countr...
Oman >>  8/14/2018 - Negotiations centring on the development and monetisation of potentially prolific gas resources discovered in the Greater Barik area onshore Block 6 a...

Iran >>  8/13/2018 - A senior official at the National Iranian Oil Company (NIOC) said no changes had been made in the terms of Irans multi-billion-dollar agreement with a...
Iran >>  8/8/2018 - The National Iranian South Oil Company (NISOC) has signed a heads of agreement with MAPNA Group for the development of Parsi and Paranj oilfields in t...

Mexico >>  8/1/2018 - Eni announces that Mexico’s National Hydrocarbon Commission (Comision Nacional de Hidrocarburos, CNH) approved the Development Plan (PoD) for the disc...
Iraq >>  7/31/2018 - Iraq will develop its Mansuriyah gas field near the Iranian border using state-run firms after the “delay and failure” of international companies to r...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Qatar Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

Oil & Gas Projects in Qatar >>

More News

 

Oil & Gas Companies in Qatar >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.