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BHP approves Trinidad Ruby project

08/08/2019
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BHP have announced that they have signed off on $283 million in funding to develop the Ruby project offshore Trinidad.

BHP will use existing infrastructure to maximise value on the Ruby project
(Image via BHP)

The Australian company hold a 68.5% stake in the project, which has a total investment of $500 million. 

Located in the Block 3(a) development area of Trinidad and Tobago, the Ruby project has estimated recoverable resources of 13.2 million barrels of oil and 274 billion cubic feet of natural gas.

It will consist of five production wells tied utilising the latent capacity of existing processing facilities to produce 16,000 barrels of oil per day and 80 million standard cubic feet of gas per day at its peak. 

BHP also say that the project will benefit from proven technology of the existing operated asset and newly acquired ocean bottom node seismic imaging. 

BHP’s Petroleum Operations President, Geraldine Slattery, said: 

“This is an important milestone for BHP in Trinidad and Tobago. Ruby aligns well with our strategy of maximising value from our existing assets, bringing competitive near term value and volume growth.”

The remaining investment will come from Heritage Petroleum (who hold a 20.13% interest) and the National Gas Company of Trinidad and Tobago (11.41%).

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BHP approves Trinidad Ruby project - Time to read 2 min
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