BHP Billiton announced today that it has signed a contract with the National Gas Company of Trinidad and Tobago Limited (NGC) for the purchase of gas from the second phase of its Greater Angostura field.
During the Phase II development, BHP Billiton and its partners will invest approximately US$400 million (gross) - US$180 million net to BHP Billiton - to construct and install a new gas export platform alongside the company’s existing facilities within the Greater Angostura Field. The facility is expected to be online during the first half of calendar year 2011 and has a design capacity of 280 million cubic feet per day.
The development also includes modifications to the existing Angostura facilities and the installation of new flow lines. NGC will take delivery of the gas at the new gas export platform and will transport it into their proposed 36" diameter Northeastern Offshore pipeline and the 12" diameter Tobago pipeline.
"BHP Billiton and its partners have been producing from Angostura since January 2005. Today’s announcement of the development of this second phase will help to grow the base business for BHP Billiton in Trinidad and Tobago", said Vincent Pereira, President of BHP Billiton Trinidad and Tobago.
"We are pleased to have executed this contract with the Government of Trinidad and Tobago and NGC, and we look forward to working with our partners to bring this facility online in 2011 in order to deliver new supplies of natural gas into the Trinidad and Tobago markets", said Renee Klimczak, President Gas Marketing, BHP Billiton Petroleum.
The Greater Angostura Field includes oil and gas discoveries at Aripo, Kairi and Canteen. BHP Billiton holds a 45 per cent interest in the field. Joint venture partners are Total (30 per cent interest) and Talisman (25 per cent interest).
Certain statements in this document are forward-looking statements (including statements regarding the cost and timing of development projects, increases in production and infrastructure capacity, project lives and, without limitation, other statements typically containing words such as "intends," "expects," "anticipates," "targets," plans," "estimates" and words of similar import.) These statements are based on current expectations and beliefs and numerous assumptions regarding BHP Billiton's present and future business strategies and the environments in which BHP Billiton will operate in the future and such assumptions, expectations and beliefs may or may not prove to be correct and by their nature, are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially.
Factors that could cause actual results or performance to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to, the risk factors discussed in BHP Billiton's filings with the U.S. Securities and Exchange Commission ("SEC") (including in Annual Reports on Form 20-F) which are available at the SEC's website (http://www.sec.gov). Save as required by law or the rules of the UK Listing Authority and the London Stock Exchange, the UK Takeover Panel, or the listing rules of ASX Limited, BHP Billiton undertakes no duty to update any forward-looking statements in this presentation.