QatarEnergy has initiated the bid process for the further expansion of its huge Bul Hanine offshore oilfield as the country continues to spend on strategic oil-based developments.

Gas-rich Qatar has an oil production capacity ranging between 500,000 and 600,000 barrels per day, much smaller than the region’s other heavyweights.

However, is not a member of the Opec cartel and is therefore not bound to any potential agreement to curb its oil output, giving it more flexibility to continue spending on key projects.