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Qatar Petroleum signs agreement with Abu Dhabi for continued development and operation of the Al-Bunduq offshore field

13 Mar 2018

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Qatar Petroleum has 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 (Japan), and Bunduq Company (operator) for the continued development and operation of the shared Al-Bunduq offshore field.

The signed agreement replaces the original concession agreement signed in March 1953 between the ruler of Abu Dhabi and Darcy Exploration Company, 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.

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

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Source: Qatar Petroleum

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