BHP Billiton wins Brunei award
BHP Billiton Ltd has expanded its petroleum exploration portfolio with the addition of deepwater acreage off the coast of Brunei Darussalam in SE Asia. On 29 January 2002 the government of Brunei Darussalam awarded Block J to a joint venture of BHP Billiton, TotalFinaElf, and Amerada Hess Corporation. The award is subject to final negotiation and execution of a Production Sharing Contract with the government, which is expected within the next few months. Block J is approximately 5000 square kilometres in size and was one of only two deepwater blocks offered last year. This is the first time Brunei has allowed exploration activities in its deepwater acreage. BHP Billiton holds a 25% interest in Block J, with TotalFinaElf (the designated operator) holding a 60% interest, and Amerada Hess holding the remaining 15% equity.
