Qatar, Abu Dhabi Extend Deal for Shared Oil Field Despite Feud - Bloomberg

Qatar, Abu Dhabi Extend Deal for Shared Oil Field Despite Feud - Bloomberg:

"Qatar Petroleum and the Abu Dhabi Supreme Petroleum Council agreed to extend a concession for a Japanese-operated oil field they share in the Persian Gulf, in a rare display of cooperation amid the political standoff between their two countries.

QP announced the agreement in a statement on its website, without disclosing terms. United Petroleum Development Co., in which Cosmo Energy Holdings Co. and JX Nippon Oil & Gas Exploration Corp. both hold stakes, owns the business that has operated the offshore Al-Bunduq field since 1970 and will continue to do so under the new deal.

The Qatari and Abu Dhabi governments extended the concession through a technical agreement with the Japanese partner, the Abu Dhabi-based official news agency WAM reported, citing an unidentified official at the Supreme Petroleum Council. “There was no direct contact with the Qatari side, and communication was limited to the Japanese side only,” WAM reported."



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