Acq Int in 27 Blocks - GOM
BHP Billiton Limited
21 March 2002
BHP Billiton Limited is issuing this announcement to fulfil disclosure
obligations arising from its secondary listing on the London Stock Exchange.
The text of this release is identical to that issued by BHP Billiton Plc
earlier.
21 March 2002
Ref Number: 17/02
BHP BILLITON ACQUIRES INTERESTS IN 27 BLOCKS
IN CENTRAL GULF OF MEXICO LEASE SALE 182
BHP Billiton today announced it was the high bidder for 27 blocks in the Outer
Continental Shelf, Central Gulf of Mexico Lease Sale 182. The sale was conducted
in New Orleans on 20 March by the Minerals Management Service (MMS), a bureau of
the U.S. Department of the Interior.
BHP Billiton's winning bids, including both the net amount in partnership
arrangements and as a 100 per cent interest-holder, are valued at approximately
US$15.2 million, or nearly US$562,000 per block.
Completion of the sale is expected within the next few months, pending bid
review and approval by the MMS. A majority of the blocks (24 out of 27)
successfully bid on are eligible for deepwater royalty relief on oil and natural
gas production as outlined by the MMS.
President BHP Billiton Deepwater Exploration Steve Bell said: 'Purchasing these
blocks is an integral part of our focused deepwater exploration strategy in the
Gulf of Mexico.'
'Several blocks we've acquired provide near-field prospects in the Green Canyon
play fairway, where we have established infrastructure at our Typhoon production
facility. Other leases will help replenish our exploration portfolio with
opportunities in the Central Gulf region, which is an area that we have
extensive experience and proprietary knowledge.'
BHP Billiton is one of the most active explorers/producers in the deepwater
Central Gulf of Mexico. With interests in more than 250 blocks, the Group ranks
in the top 10 leaseholders.
In the north-central Green Canyon area, BHP Billiton was a successful bidder on
GC 195 with a 100 per cent working interest. In a joint bid with ChevronTexaco
(20 per cent) and Noble Affiliates' Samedan Oil Corp (25 per cent), BHP Billiton
will acquire a 55 per cent interest in GC 238.
Both blocks are located in water depths approaching 700 meters, and are
strategically situated near BHP Billiton's Typhoon field mini-Tension Leg
Platform. An additional 100 per cent working interest was successfully bid on
GC 544, located in 1,200 meters of water.
BHP Billiton also was the successful high bidder on three 100 per cent working
interest blocks in the western Atwater Foldbelt trend. GC 915 is located in
2,200 meters of water, six miles south of the Group's recently sanctioned Mad
Dog field. Atwater Valley Blocks 354 and 355 are located in 1,100 meters of
water, 15 miles north of the Neptune field discovery.
In partnership with Nexen Inc., BHP Billiton will purchase 19 blocks (14 in the
Green Canyon play fairway) located in water depths ranging from 100 to 1,650
meters. Working interests in 12 of the 14 Green Canyon blocks will be 50-50,
while the remaining two blocks were bid with BHP Billiton holding a 60 per cent
interest and Nexen holding 40 per cent.
Additionally, BHP Billiton and Nexen were successful high bidders on five blocks
in the northern Atwater Valley and southern Mississippi Canyon areas, with BHP
Billiton holding a 75 per cent working interest and Nexen having a 25 per cent
working interest. These blocks are located in water depths ranging from 1,340 to
1,800 meters.
With Kerr-McGee Oil & Gas Corp. and Ocean Energy, BHP Billiton was high bidder
on two blocks in the eastern Atwater Foldbelt - Atwater Valley blocks 119 and
163. The blocks are located in 2,200 meters of water, and BHP Billiton holds a
33.33 per cent interest in both.
****
Further information can be found on our Internet site: http://
www.bhpbilliton.com
Australia
Dr. Robert Porter, Investor Relations United Kingdom/South Africa
Tel: + 61 3 9609 3540 Mobile: +61 419 587 456 Michael Campbell, Investor & Media Relations
email: Robert.Porter@bhpbilliton.com Tel: +27 11 376 3360 Mobile: +27 82 458 2587
email: Michael.J.Campbell@bhpbilliton.com
Mandy Frostick, Media Relations
Tel: +61 3 9609 4157 Mobile: +61 419 546 245 Ariane Gentil, Manager Communications
email: Mandy.J.Frostick@bhpbilliton.com Tel: +44 20 7747 3977 Mobile: + 44 7881 518 715
email: Ariane.Gentil@bhpbilliton.com
United States
Francis McAllister, Investor Relations
Tel: +1 713 961 8625 Mobile: +1 713 480 3699
email: Francis.R.McAllister@bhpbilliton.com
BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209
Registered in Australia Registered in England and Wales
Registered Office: 600 Bourke Street Melbourne Registered Office: 1-3 Strand London WC2N 5HA United Kingdom
Victoria 3000 Telephone +44 20 7747 3800 Facsimile +44 20 7747 3900
Telephone +61 3 9609 3333 Facsimile +61 3 9609 3015
The BHP Billiton Group is headquartered in Australia
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