Qatar Petroleum Signs Deal With Abu Dhabi to Develop, Operate Al Bunduq Offshore Oilfield

Press release
Published March 14th, 2018 - 12:47 GMT
Saad Sherida al Kaabi, Qatar Petroleum President and CEO
Saad Sherida al Kaabi, Qatar Petroleum President and CEO

Qatar Petroleum (QP) 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), Japan's United Petroleum Development Co Ltd, and Bunduq Company Limited (the operator) for the continued development and operation of the shared Al Bunduq offshore oilfield, QP announced in a press statement on Tuesday.

The 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, Qatar and Abu Dhabi signed an agreement stipulating that the Al Bunduq field is equally owned by both sides, the statement noted.

Qatar Petroleum President and CEO Saad Sherida al Kaabi, reaffirmed QP's commitment to its international reputation as a trustworthy national oil company and a reliable energy provider at all times and under all conditions.

Kaabi said,"We are delighted to sign this concession agreement, which will ensure the continued development and operation of the Al Bunduq oilfield 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 operation, and for their safe and environment-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 operation 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, the QP statement aid.

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 percent), JX Nippon (45 percent) and Mitsui (10 percent).

Al Bunduq offshore oilfield, shared between Qatar and 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, the statement added.

Source: Qatar Tribune

Background Information

Qatar Petroleum

Qatar Petroleum (QP) is a state-owned public corporation established by Emiri Decree No. 10 in 1974. It is responsible for all phases of the oil and gas industry in the State of Qatar.

The principal activities of QP, its subsidiaries and joint ventures are the exploration, production, local and international sale of crude oil, natural gas and gas liquids, refined products, synthetic fuels, petrochemicals, fuel additives, fertilizers, liquefied natural gas (LNG), steel and aluminium. 

QP’s strategy of conducting hydrocarbon exploration and development is through Exploration and Production Sharing Agreements (EPSA) and Development and Production Sharing Agreements (DPSA) concluded with major international oil and gas companies.

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