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(Image courtesy of Qatar Petroleum)

Qatar Petroleum (QP) has announced it will invest over $11 billion to redevelop the Bul Hanine offshore oil field.

The goal of the redevelopment is to prolong the life and increase the output of the field.

The field, located off Qatar’s east coast, currently produces around 40,000 bpd of crude oil.

QP hopes to increase output to 90,000 bpd by 2020.

“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 massive drilling campaign of about 150 new wells between now and the year 2028,” the company said in a statement on Friday.