BHP Billiton Announces Award of Deepwater Block Off The Coast of Brunei Darussalam.Business/Energy Editors MELBOURNE, Australia--(BUSINESS WIRE)--Feb. 20, 2002 BHP Billiton BHP Billiton is the world's largest mining company.[1] Its origin is in the 2001 merger of Australia's Broken Hill Proprietary Company (BHP) and the UK's Billiton, which has a South African background. The result is a dual-listed company. Limited (NYSE NYSE See: New York Stock Exchange :BHP BHP blood hydrostatic pressure; the pressure exerted by the blood cells and plasma in the capillaries. ) announced today that it has expanded its petroleum exploration portfolio with the addition of deepwater acreage off the coast of Brunei Darussalam in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . On 29 January 2002 the government of Brunei Darussalam awarded Block J to a joint venture of BHP Billiton, TotalFinaElf, and Amerada Hess Corporation The Hess Corporation (NYSE: HES) is an integrated oil company based in New York City. The company changed its name from Amerada Hess as of May 8, 2006. The company explores, produces, transports, and refines oil. . The award is subject to final negotiation and execution of a Production Sharing Contract with the government, which is expected within the next few months. Block J is approximately 5,000 square kilometres in size and was one of only two deepwater blocks offered last year. This is the first time Brunei has allowed exploration activities in its deepwater acreage. BHP Billiton holds a 25 percent interest in Block J, with TotalFinaElf (the designated operator) holding a 60 percent interest, and Amerada Hess holding the remaining 15 percent equity. "This deepwater acreage will significantly enhance our asset portfolio," explained Philip Aiken, president and chief executive officer of BHP Billiton Petroleum. "It adds value by expanding our growth opportunities with high-margin oil prospects in a new, lightly explored area where we can apply our proprietary skill base and specialized experience." An extensive 3D seismic survey has already been conducted over the area, providing the joint venture with high quality data for accelerating the initial phase of its exploration program. The JV anticipates spudding the first wells on Block J in the next 12 months. Brunei Darussalam has a long and distinguished history of petroleum exploration and production. Crude oil and liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. are its main exports, contributing a large portion of the country's gross domestic product. Further information about the BHP Billiton Group can be found at http://www.bhpbilliton.com |
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