Qatar, Abu Dhabi Extend Deal for Shared Oil Field Despite Feud
- Al-Bunduq field to be run by Japan’s Cosmo, JX Nippon, Mitsui
- Shared deposit in Persian Gulf pumps 6,500 barrels a day: EIA
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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.