Qatar Petroleum to invest QAR 40 bln (USD 11 billion) in Bul Hanine oilfield
Qatar Petroleum on Friday unveiled a plan to invest over QAR 40 billion (about USD 11 billion) in the redevelopment of Bul Hanine offshore oilfield, some 120 km off the eastern coast of Qatar.
The major project is part of an ambitious strategy of the corporation to modernize and upgrade the oil production facilities.
Minister of Energy and Industry, and QP Board Chairman Dr. Mohammad bin Saleh Al-Sada said.
“The QP strategy aims to make better use of the country’s oil resources and strengthen the position of the country as a reliable energy supplier,” he said in a statement by the corporation.
“The redevelopment of Bul Hanine oilfield constitutes another step on the road of making the best possible use of the country’s hydrocarbon wealth that will be added to the past successes in the implementation of the national vision sponsored by the Amir of Qatar Sheikh Tamim Bin Hamad Al Thani,” the minister affirmed.
The new project is still in the preliminary stage of engineering studies; it aims to double the life expectancy and production capacity of the oilfield.