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Qatar Petroleum renews shared oilfield concession agreement with UAE

Reuters  |  DUBAI 

(Reuters) - said on Tuesday it has signed a concession agreement with the to continue the development and operation of the shared Al-Bunduq

The agreement, which comes amid an embargo on by some Arab countries, including the UAE, was signed with Abu Dhabi Supreme Petroleum Council, (ADNOC), Japan's United Petroleum Development Co, and Bunduq Company Ltd, QP said in a statement on its website.

"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," QP said.

(Reporting by and Rania El Gamal; editing by Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 13:42 IST