Japanese Cosmo Oil wins oilconcession from Qatar

Jul 29, 1997 02:00 AM

July 15, 1997 Cosmo Oil Co. has obtained the concession for development of an oil field in the Persian Gulf from the Qatar government. Cosmo, a Japanese oil refiner-wholesaler, clinched the deal jointly with Nissho Iwai Corp. and United Petroleum Development Co., both Japanese firms. This is the first time for Japanese companies alone to obtain a concession from a Persian Gulf oil-producing nation since the 1973 oil shock, Cosmo said.
The 300 sq km offshore field is located some 15 km east of Doha, the nation's capital. Deep-sea drilling is expected to start later this year. Cosmo says it foresees good chances of success in the drilling, since the concession is located near already producing fields. The company hopes to begin commercial production as early as 2000.

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