BHP Billiton Gains Ground in Offshore Exploration, Spends $295 Million

BHP Billiton's quarterly report on exploration and development, released Jan. 23, states that the company spent $295 million in the six months ending Dec. 31, 2007.

The company claims that it achieved three major prospects during the quarter ending Dec. 31, 2007. Genghis Khan, Atlantis South, and Stybarrow all enjoyed commercially viable oil and gas production levels.

The report states that Stybarrow is "currently producing consistently at design capacity of 80,000 bbl/d, and in less than two months of operation, Stybarrow has offloaded a total of 2.5 million barrels of oil."

Bass Straight Kipper, located offshore Australia, is producing 10,000 barrels of condensate per day, with a processing capacity of 80 Mmcf/d.

"The first phase of the project includes two new subsea wells, three new pipelines and platform modifications," the report stated.

Big Foot North-1 in Green Canyon in the Gulf of Mexico was determined by BHP Billiton to be a dry hole, so it was plugged and abandoned.

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