UAE denies reports of concession awarded to Qatar Petroleum

Qatar Petroleum's president and CEO Saad Sherida Al Kaabi

Qatar Petroleum's president and CEO Saad Sherida Al Kaabi

State-owned Qatar Petroleum (QP) has renewed its contract with Abu Dhabi to continue operating a shared offshore oilfield, amid the continuing blockade by a quartet of Arab countries against Qatar. The signing of the new agreement follows the expiration of the original agreement on 8 March, 2018.

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. It was discovered in 1965 and started operating in 1975.

The Bunduq Company, which operates Al-Bunduq field, is a Japanese-owned company.

However, the UAE Supreme Petroleum Council (SPC) said Abu Dhabi did not hold any negotiations with Qatar regarding the oilfield.

Abu Dhabi is one of seven emirates of the UAE.

The small oil field, located on the maritime border between Qatar and Abu Dhabi, is managed by a Japanese oil consortium.

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The UAE, together with Saudi Arabia, Bahrain and Egypt, has severed diplomatic ties with Qatar since last June and imposed a political and economic boycott on the tiny oil-rich Gulf nation, citing Doha's interference in their internal affairs and supporting terrorism.

The source added: "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.

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

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

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