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Qatar Petroleum announces Abu Dhabi oil deal despite blockade

QP said the move shows “its international reputation as a trustworthy national oil company" [Getty]

Date of publication: 13 March, 2018

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State-owned Qatar Petroleum announced on Tuesday it has signed a deal with Abu Dhabi to operate the shared Al-Bunduq offshore oil field, despite a bitter diplomatic rift.

State-owned Qatar Petroleum announced Tuesday it has signed a deal with Abu Dhabi to operate the shared Al-Bunduq offshore oil field, despite a bitter diplomatic rift.

"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's president and CEO, Saad Sherida Al-Kaabi said in a statement.

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

Qatar and the United Arab Emirates both extended the concession to the offshore oil field they share.

The UAE also on Tuesday acknowledged the extension of the concession at the offshore field, which the two countries have equally shared since 1969.

But even what should be a routine concession ran up against the ongoing blockade of Qatar by the UAE, Bahrain, Egypt and Saudi Arabia.

Qatar Petroleum described the concession as showing “its international reputation as a trustworthy national oil company and a reliable energy provider at all times.”

The UAE meanwhile said the concession involved “no direct communication or engagement between the two states.”

Saudi Arabia, Bahrain, the United Arab Emirates and Egypt broke off ties with Qatar in June, accusing it of supporting extremists and being too close to Iran, Riyadh's arch-rival.

After cutting off all ties with Qatar, Saudi Arabia and its allies imposed a land, sea and air blockade of the emirate and issued a list of 13 demands to have it lifted.

The list of demands included shutting down media outlets Al Jazeera and London-based The New Arab, curbing relations with Iran and closing a Turkish military base in the emirate.

Qatar denies the allegations and accuses the bloc of aiming to incite regime change.

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