Qatar Petroleum to invest QR40bn for Bul Hanine redevelopment

May 10, 2014 9:07 am

m_Qatar Petroleum to invest QR40bn for Bul Hanine redevelopment

Doha 10th May 2014: Qatar Petroleum (QP) on Friday announced its plans to invest 40 billion Qatari riyals for the redevelopment of the Bul Hanine offshore oil field.

The redevelopment, which is in the FEED (front-end engineering and design) stage at present, is part of a comprehensive plan currently being implemented to increase the efficiency of producing fields. The project is one of the largest to be managed and executed by QP.

Bul Hanine redevelopment is another step in the utilisation of Qatar’s hydrocarbon wealth, and is consequently a key element in the implementation of the Qatar National Vision under the guidance of the Emir HH Sheikh Tamim bin Hamad al Thani, according to HE Dr Mohammed bin Saleh al Sada, Minister of Energy and Industry and Chairman of QP.

“Qatar Petroleum’s excellent track record in managing and executing mega projects over the years and the experience it has accumulated throughout will pave the way for the successful execution of this important and strategic project,” HE the minister added.

This redevelopment is also an important step towards building the capabilities of local resources by providing a unique experience opportunity for Qatari engineers, according to him.

About the Author

Tamim Maha Ali is the Chief Editor of Qatar Chronicle. A shrewd strategist, he is an Economic Pundit, entrepreneur and Investment Banker

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