Qatar and UAE sign first agreement since blockade

Despite the blockade Qatar continues to supply the UAE with two billion cubic feet of gas every day

Despite the blockade Qatar continues to supply the UAE with two billion cubic feet of gas every day

"The signing of the new agreement comes as the original concession agreement expired on March 8, 2018".

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

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 Al-Bunduq offshore oilfield started production in 1975.

The UAE's Supreme Petroleum Council denied on Tuesday that a concession has been awarded to Qatar Petroleum relating to an oilfield in Abu Dhabi as a diplomatic dispute between the countries continues.

"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", Qatar Petroleum president and chief executive Saad Sherida Al-Kaabi said in a statement. "It has been under management by a Japanese consortium for the past four decades", according to a statement published by the UAE state news agency WAM.

In June a year ago, the United Arab Emirates, Saudi Arabia, Egypt and Bahrain, cut diplomatic and economic ties with Qatar accusing it of aiding militant groups.

"There is no commercial or trading relations established between the UAE and Qatar in the extension of this concession", the source added.

The quartet imposed a land, sea, and air blockade on Qatar, and also prevented Qatari aircraft from entering their airspace.

Qatar supplies the UAE with natural gas through the Dolphin pipeline which pumps around 2 billion cubic feet of gas per day.

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