The signed agreement replaces the first concession agreement signed in March 1953 between the ruler of Abu Dhabi and D’Arcy Exploration Company Limited, which was amended several times since then. In March 1969, the State of Qatar and the Emirate of Abu Dhabi signed an agreement saying that the Al-Bunduq field is equally owned by both sides.

The signing of this agreement comes as the original concession agreement expired on March 8, 2018. It will govern the continued development and operation of the shared field.

Al-Bunduq offshore oil field, shared between the State of Qatar and the Emirate of Abu Dhabi, was discovered in 1965 and started production in 1975. The field’s crude oil production is exported to Japan and other Asian markets.