"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.
The original agreement was also amended several times, including in 1969 when Qatar and Abu Dhabi signed an agreement stipulating the field was equally owned by both sides. "It will govern the continued development and operation of the shared field", QP said.
The new deal on the Al-Bunduq offshore site replaces the original agreement signed in 1953 between Abu Dhabi and a private oil exploration company, QP said in a statement on Tuesday.
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. Qatar denies the accusation.
"This concession was recently extended by each respective government to the Japanese consortium with no direct communication or engagement between the two states", the spokesman said.
Media reports said Qatar Petroleum signed a deal with Abu Dhabi to operate the Bunduq oil field that is shared between the two nations.
"There is no commercial or trading relationship being established between the UAE and Qatar by the extension of this concession", he added.
United, which fully owns Bunduq Company, is held by a consortium of Japanese shareholders including Cosmo (45%), JX Nippon (45%) and Mitsui (10%).
The Al-Bunduq offshore oilfield started production in 1975. The crude oil is exported from the Al-Bunduq oil field to Japan and other Asian markets.
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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