BHP Approves $283MM Funding to Develop Ruby
The BHP Board revealed Thursday that it has approved $283 million 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 $500 million. The project has estimated recoverable 2C resources of 13.2 million barrels of oil and 274 billion cubic feet of natural gas. First production is expected in 2021.
“This is an important milestone for BHP in Trinidad and Tobago,” BHP President Operations Petroleum, Geraldine Slattery, said in a company statement.
“Ruby aligns well with our strategy of maximizing value from our existing assets, bringing competitive near-term value and volume growth,” Slattery added.
The Ruby Project is located in the Block 3(a) development area of Trinidad and Tobago. BHP holds a 68.46 percent operated interest, with Heritage Petroleum and the National Gas Company of Trinidad and Tobago (NGC) holding the remaining 20.13 percent and 11.41 percent stakes, respectively.
BHP describes itself as a world-leading resources company. The company extracts and processes minerals, oil and gas and has more than 62,000 employees and contractors, primarily in Australia and the Americas.
Last month, the company announced a five-year, $400 million climate investment program to develop technologies to reduce emissions from its own operations as well as those generated from the use of its resources.
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