On Tuesday, the state-run Qatar Petroleum announced the extension of the concession, saying it showed its "commitment to its global reputation as a trustworthy national oil company and a reliable energy provider at all times and under all conditions".
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 has been under management by a Japanese consortium for the past four decades", the council said in a statement cited by UAE state news agency WAM.
Qatar, meanwhile, took, the chance to highlight the importance of the deal, with its chief executive Saad Sherida Al-Kaabi saying, "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".
Earlier reports said that Qatar Petroleum has signed the extended concession with the Supreme Petroleum Council, the Emirate state oil company Adnoc, Japanese United Petroleum Development Co Ltd, and the field's operator, Bunduq Company Limited. It was discovered in 1965 and started operating in 1975.
Abu Dhabi is the capital of the UAE and home to approximately 7 percent of the world's known oil reserves.
On this occasion, Mr. Saad Sherida Al-Kaabi, the President & CEO of Qatar petroleum, reaffirmed Qatar Petroleum's commitment to its global reputation as a trustworthy national oil company and a reliable energy provider at all times and under all conditions.
In June 2017, the UAE, Saudi Arabia, Bahrain and Egypt broke off ties with Qatar accusing it of supporting "terrorist" groups and aligning itself too closely to their regional rival, Iran.
Sanctions imposed by the boycotting countries include closing Qatar's only land border, stopping Qatari planes entering their airspaces and halting nearly all trade.
"There is no commercial or trading relations established between the UAE and Qatar in the extension of this concession", the source added.
Kaabi has previously said Qatar would not cut gas supplies to the UAE.
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