UAE denies Qatar trade link over Abu Dhabi oil field deal

Galtero Lara
Marcha 13, 2018

The new deal on the Al-Bunduq offshore site replaces the original agreement signed in 1953 between Abu Dhabi and a private oil exploration company, QP said in a statement on Tuesday.

The new agreement will govern the continued development and operation of the shared field.

The agreement was signed with Abu Dhabi's 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.

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

Reports said Qatar Petroleum had signed a deal with Abu Dhabi to operate the shared Al-Bunduq offshore oil field. It has been operated via a concession with a Japanese consortium for over four decades.

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"There is no commercial or trading relationship being established between the UAE and Qatar by the extension of this concession", he added. Doha said previous year it had no plans to halt gas supplies despite the regional rift.

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

United, which fully owns Bunduq Company, is held by a consortium of Japanese shareholders including Cosmo (45%), JX Nippon (45%) and Mitsui (10%). It was discovered in 1965 and started operating in 1975.

The United Arab Emirates confirmed the contract had been renewed with the Japanese operators of the Al-Bunduq field but said it had not had any contact or dealings with Qatar on the issue.

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