Qatar Petroleum (QP) today announced that it would investover 40 billion Qatari riyals to redevelop the Bul Hanine offshore oil field, located120 KM east of the Qatari coast.The project, which is now going through the phase of initial engineering studies, isone of the biggest projects being managed and implemented by Qatar petroleum. Itaims to prolong the life of the field and double its ouput.“The magnitude of this investment reflects the extent of project scope that includesnew offshore central production facilities and a new onshore gas liquids processingfacility at Mesaieed. This will be marked by a massive drilling campaign of about150 new wells between now and the year 2028,” the company said in a statement onFriday.