I recently found myself in this position on the chess board. It is a position I recognized from previous games and it does, in fact, occur, in several different openings.Computer analysis shows that the position is basically drawn and that, with correct play on both sides, neither is likely to be able to force a win. However, since White has the initiative, it is worth proceeding and see what happens.
There is an apocryphal story of a grandmaster who studied this position for half an hour and then resigned. When asked why, he said he looked 30 moves ahead and saw the game was lost, but...
White has 20 possible moves but a number of those can be discounted as not gaining a significant advantage. From memory, I know that it is quite possible to lose from this position and so one must proceed with care. On the other hand, I also remember some wins gained from this situation and so one must think positively and play with some enterprise. The computer shows that e4 is the most commonly played move from here but since that line is the best known, I prefer to avoid it. I did used to try f4 on occasions, for its element of surprise, but if Black is not taken aback by it and plays solidly, the onus is on White to make sure they haven't weakened the king's side in pursuit of novelty.
I much prefer d4, which is a well-known move but one I feel is more robust, offers a chance to open up the c file by exchanging the QB pawn and provides readily made squares on which to develop the minor pieces before castling. It is a move likely to make the game last a bit longer and is preferable to 1. f3, 2. g4 which is vulnerable to Black's 1...e6, 2...Qh4 mate, which shows that, although White has the initiative, it also has the quickest way to self-destruction.
So, beware, and best of luck next time you are confronted with this fascinating situation.
