BHP Acquires Stake in Orange Basin Offshore South Africa
BHP Billiton has acquired a 90 percent stake in Orange Basin offshore South Africa. The lease for Block 3B/4B in Orange Basin, off the west coast, was acquired from Global Energy Holdings, LLC, and approved by South African authorities with effect from May 10, 2002.
"The agreement, now 90 percent ceded to BHP Billiton, has an initial period of 18 months and may be followed by three optional periods, extending the agreement to a seven and a half year term," BHP Billiton said in a statement. Block 3B/4B covers 28,839 square kilometers in waters ranging from 300 to 2,500 meters deep. A 2D prospecting seismic survey covering 2,750 line-kilometers was recently completed over the block. "The new information will play an important role in BHP Billiton's exploration efforts in the area," BHP said. Global Energy Holdings, LLC holds the remaining 10 percent stake in the block.