Qatar Petroleum to invest in Bul Hanine redevelopment
Qatar Petroleum has announced plans to invest over 40 billion Qatari riyals ($11 billion) in the redevelopment of the existing Bul Hanine offshore oil field located about 120 km (75 mi) east of the Qatari coastline.
DOHA, Qatar – Qatar Petroleum (QP) has announced plans to invest over 40 billion Qatari riyals ($11 billion) in the redevelopment of the existing Bul Hanine offshore oil field located about 120 km (75 mi) east of the Qatari coastline.
The project, at the pre-FEED stage, is one of the largest to be managed and executed by QP, and it is designed to prolong the field’s life and double its current oil production rate.
His Excellency Dr. Mohammed bin Saleh Al-Sada, Qatar’s minister of energy and industry and also QP chairman, said, “This important project is part of a development and production strategy based on maximum recovery of reserves through the longest possible plateau of sustainable production levels. It will help boost Qatar’s oil production capacity and reinforce its position as a reliable energy provider.
“The Bul Hanine redevelopment constitutes another step in the utilization of Qatar’s hydrocarbon wealth and is consequently a key element in the implementation of the Qatar National Vision as launched and guided by His Highness Sheikh Tamim Bin Hamad Al-Thani, the Emir of the State of Qatar,” he added. “In addition to sustaining economic growth and providing financial stability, this redevelopment is also an important step toward building the capabilities of local resources by providing a unique experience opportunity for Qatari engineers.”
The magnitude of this investment reflects the extent of project scope that includes new offshore central production facilities and a new onshore gas liquids processing facility at Mesaieed. This will be marked by a drilling campaign of about 150 new wells by 2028.