BHP Billiton Expands Presence in Gulf of Mexico With Acquisition of 18 Blocks in Western Gulf Lease Sale 184.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Aug. 21, 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. (NYSE NYSE See: New York Stock Exchange :BHP) today announced that the company was the winning bidder on each of the 18 blocks it submitted bids on in the Outer Continental Shelf In the federal United States, the Outer Continental Shelf (OCS) consists of the submerged lands, subsoil, and seabed, lying between the seaward extent of the States' jurisdiction and the seaward extent of Federal jurisdiction. , Western Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east Lease Sale 184, conducted today in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded by the Minerals Management Service (MMS (Multimedia Messaging Service) An enhanced transmission service that enables graphics, video clips and sound files to be transmitted via cellphones. Developed as part of the 3GPP project, MMS phones are generally backward compatible with SMS and EMS. ), a bureau of the U.S. Department of the Interior. Completion of the sale is expected within the next few months, pending bid review and approval by the MMS. BHP Billiton's share of the winning bids is valued at approximately $4.9 million. Seventeen of the leases were purchased in a 50-50 partnership with Amerada Hess; the joint venture comprises Alaminos Canyon blocks 753, 796, 797, 805, 806, 840, 841, 846, 847, 849, 850, 884, 889, 890, 893, 927 and 928; Amerada Hess is the designated operator. BHP Billiton also purchased a 100 percent working interest in Alaminos Canyon Block 939. Water depths in the newly acquired acreage range from 3,000 to 6,000 feet. "This purchase extends the company's Gulf of Mexico holdings to the western half of the Alaminos Canyon area, where the company has identified subsalt prospects along the Perdido Foldbelt. It is a lightly explored area," explained Steve Bell, president of Deepwater Exploration and Appraisal. "Our efforts in this new play area will form a logical extension of our recent exploration and appraisal successes in the Atwater Foldbelt in the Central Gulf of Mexico and is consistent with our deepwater and high-margin exploration growth strategy." All of the blocks BHP Billiton successfully bid on in Lease Sale 184 are eligible for deepwater royalty relief on oil and natural gas production as outlined by the MMS. BHP Billiton is one of the leading leaseholders in the deepwater Central Gulf of Mexico, with interests in more than 250 blocks. Further information can be found on our Internet site: http://www.bhpbilliton.com |
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