Qatar Plans $11B Oil-Field Redevelopment

DOHA, Qatar (AP) -

Qatar’s state oil company said Friday it plans to spend $11 billion to redevelop one of its offshore oil fields, aiming to extend its lifespan and double its output.

Oil production at the Bul Hanine oil field relies on older technology and has been declining in recent years.

The field is located about 120 kilometers (75 miles) to the east of the OPEC nation’s coastline.

Qatar Petroleum said the project involves the drilling of about 150 new wells through 2028 as well as new offshore production facilities and a gas liquids processing facility on land.

The field has the capacity to produce about 45,000 barrels of oil per day, according to the U.S. Energy Information Administration.