Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Qatar Petroleum (QP) is finally moving forward with plans to redevelop the declining 45,000 b/d offshore Bul Hanine field. It plans to ramp up production to 90,000 b/d. But at what cost? The state firm says it will throw an astounding QR40bn, about $11bn, at the project over the next fourteen years.
While not necessarily a watershed moment for Middle East oil production, the high costs associated with the Bul Hanine redevelopment may indicate that mature Middle East fields – once textbook ‘easy oil’ – may no longer be so easy. Costs at Bul Hanine have spiraled: the latest estimate of $11bn for the addition of 45,000 b/d output, is almost double QP’s previous $6bn estimate of redevelopment costs.
DON'T HAVE AN ACCOUNT?
NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?
By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.UPGRADE