Qatar plans $11bn oil field redevelopment

Qatar's state oil company saidFriday it plans to spend $11 billion to redevelop one of its offshore oil fields, aiming to extend its lifespan and double its output, AP reported.Oil production at the Bul Hanine oil field relies on older technology and has beendeclining in recent years.The field is located about 120 kilometers (75 miles) to the east of the OPEC nation'scoastline.Qatar Petroleum said the project involves the drilling of about 150 new wellsthrough 2028 as well as new offshore production facilities and a gas liquidsprocessing facility on land.The field has the capacity to produce about 45,000 barrels of oil per day, accordingto the U.S. Energy Information Administration.