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BHP gives green light for Ruby project in Trinidad and Tobago

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Oilfield Technology,

The BHP Board has approved US$283 million (BHP share) in funding to develop the Ruby Project in Trinidad and Tobago. Total investment for the oil and gas project (including pre-commitment capital) is approximately US$500 million (gross, 100% basis).

The Ruby Project is located in the Block 3(a) development area of Trinidad and Tobago and provides an opportunity for BHP to safely deliver value by producing resources in the Ruby and Delaware reservoirs. The project consists of five production wells tied back utilising the latent capacity of the existing processing facilities, proven technology of the existing operated asset, and newly acquired ocean bottom node seismic imaging.

The project has estimated recoverable 2C resources of 13.2 million bbl of oil (100% basis) and 274 billion ft3 of natural gas (100% basis). First production is expected in the 2021 calendar year and is estimated to increase production by approximately 16 000 bpd and approximately 80 million ft3/d gross at its peak.

Geraldine Slattery, BHP President Operations Petroleum, said: “This is an important milestone for BHP in Trinidad and Tobago. Ruby aligns well with our strategy of maximising value from our existing assets, bringing competitive near term value and volume growth.”

BHP, as the operator, holds a 68.46% interest, and Heritage Petroleum and the National Gas Company of Trinidad and Tobago (NGC) hold the remaining 20.13% and 11.41% interest, respectively. The Block 3(a) Joint Operating Agreement requires at least two parties and 65% of the working interest to approve the investment.

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