AI assistant
BHP Group Limited — Capital/Financing Update 2012
Apr 10, 2012
14787_rns_2012-04-10_d6782b03-46b9-4d49-9da2-50f81820c970.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
NEWS RELEASE
==> picture [139 x 114] intentionally omitted <==
Release Time IMMEDIATE Date 11 April, 2012 Number 09/12
INITIAL FUNDING APPROVED FOR MAD DOG PHASE 2
BHP Billiton today announced approval for US$708 million (BHP Billiton share) in precommitment funding for the Mad Dog Phase 2 project in the deepwater Gulf of Mexico. The funding will facilitate detailed engineering and the procurement of long lead time items related to the hull, topsides and subsea equipment.
The Mad Dog Phase 2 project is based on successful appraisal drilling which confirmed significant hydrocarbons in the southern portion of the Mad Dog field. The proposed project includes the development of a second spar facility with all subsea production and injection wells. The new facility is estimated to have a design capacity of approximately 130,000 barrels of oil per day that will be exported via the Mardi Gras Pipelines under existing agreements. A final investment decision is anticipated in calendar year 2013 with first production scheduled for calendar year 2018.
BHP Billiton Petroleum Chief Executive Officer, J. Michael Yeager, said: “Mad Dog Phase 2 will join our extensive Gulf of Mexico portfolio that includes Mad Dog and Atlantis as well as the Shenzi and Neptune platforms that we operate. The extension of this field will underpin continued valuable liquids production from the Gulf of Mexico and further enhance our growth profile.”
Mad Dog is a partnership between BP (operator, 60.5 percent share), BHP Billiton (23.9 percent) and Chevron (15.6 percent).
Further information on BHP Billiton can be found at: www.bhpbilliton.com
Media Relations
Investor Relations
Australia
Antonios Papaspiropoulos Tel: +61 3 9609 3830 Mobile: +61 477 325 803 email: [email protected]
Kelly Quirke Tel: +61 3 9609 2896 Mobile: +61 429 966 312 email: [email protected]
Fiona Martin Tel: +61 3 9609 2211 Mobile: +61 427 777 908 email: [email protected]
United Kingdom
Ruban Yogarajah Tel: +44 20 7802 4033 Mobile: +44 7827 082 022 email: [email protected]
Americas
Jaryl Strong Tel: +1 713 499 5548 Mobile: +1 281 222 6627 email: [email protected]
Australia
James Agar Tel: +61 3 9609 2222 Mobile: +61 467 807 064 email: [email protected]
Andrew Gunn
Tel: +61 3 9609 3575 Mobile: +61 439 558 454 email: [email protected]
United Kingdom and South Africa
Brendan Harris Tel: +44 20 7802 4131 Mobile: +44 7990 527 726 email: [email protected]
Tara Dines Tel : +44 20 7802 7113 Mobile : +44 7825 342 232 Email : [email protected]
Americas
Scott Espenshade Tel: +1 713 599 6431 Mobile: +1 713 208 8565 email: [email protected]
BHP Billiton Limited ABN 49 004 028 077 Registered in Australia Registered Office: 180 Lonsdale Street Melbourne Victoria 3000 Australia Tel +61 1300 55 4757 Fax +61 3 9609 3015
BHP Billiton Plc Registration number 3196209 Registered in England and Wales Registered Office: Neathouse Place London SW1V 1BH United Kingdom Tel +44 20 7802 4000 Fax +44 20 7802 4111
Members of the BHP Billiton Group which is headquartered in Australia