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BHP Billiton declares "force majeure" at Boodarie
BHP Billiton has declared 'force majeure' on sales contracts and some supply contracts at the Boodarie Iron Plant in north Western Australia. Production at the plant has been suspended since 12 Mar 02 following a tube failure in a gas re-heating furnace with all four trains being shut down pending an investigation. Production will not resume until finalisation of the investigation.
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Billiton gets interest in 27 Gulf of Mexico blocks
Billiton announced it was the high bidder for 27 blocks in the Outer Continental Shelf, Central Gulf of Mexico Lease Sale 182. Billiton's winning bids, including both the net amount in partnership arrangements and as a 100% interest-holder, are valued at approximately USD15.2m, or nearly USD562 000 per block. Completion of the sale is expected within the next few months, pending bid review and approval by the Minerals Management Service (MMS). A majority of the blocks (24 out of 27) successfully bid on are eligible for deepwater royalty relief on oil and natural gas production as outlined by the MMS. Billiton Deepwater Exploration President Steve Bell said the purchasing of these blocks was an integral part of Billiton's focused deepwater exploration strategy in the Gulf of Mexico.
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BHP signs agreement with Osaka Gas
BHP has signed a sales and purchase agreement with Osaka Gas Company Ltd of Japan for the purchase and supply of liquefied natural gas (LNG) from the North West Shelf in Western Australia. One million tonnes of LNG per annum will be supplied for a 30 year period beginning in 2004.The project includes a fourth LNG processing train at the venture's gas processing facilities on the Burrup Peninsula and a second trunkline from the North Rankin platform to shore.
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BHP Billiton to develop Pakistan gas field
BHP Billiton approved a USD100m development of natural gas field in Pakistan in its effort to raise output by a third by 2006. As part of the deal, the Pakistan government and local suppliers Sui Southern Gas and Sui Northern Gas Pipelines agreed to buy as much as 9 million cubic metres of gas a day from the Zamzama field for 20 years from 2003. The field has proven reserves of 48 billion cubic metres of gas. The group as a 47.5% interest in the field and will contribute USD40m to the development thereof. BHP Billiton said that the cost of developing the field was less than the equivalent of 50c a barrel of oil. Other partners in the field are Eni's unit Lasmo and PKP Exploration with 23.75% each and the government with a 5% interest.
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BHP Billiton - successful results from Trinidad
BHP Billiton announced successful results from Kairi-2, the group's first appraisal well on the oil and gas discovery made during 2001 in Block 2 (c) which confirms a significant hydrocarbon resource. President and CEO BHP Billiton Petroleum Philip Aiken said that the group's exploration success in the region has been outstanding. Four commercial hydrocarbon discoveries in the greater Angostura area have been made in the past three years (to Mar 02) and they expect to sanction a project for development towards the end of 2002.
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BHP - Notification of major interests
The Capital Group companies have disposed of 0.09% ords of US$0.50 on the 1 Mar 02. Total holding following this notification is 92 920 638 ords which is 4.01% of the issued class.
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BHP Billiton to challenge US steel tariffs
BHP Billiton expressed disappointment at the decision by the USA to apply tariffs of 30% to most categories of steel. While SA is exempt from these tariffs, the group's Australian operations will be affected. Exports to the US from Australia and New Zealand for the 2001/02 period are just over 700 000 tonnes. Kirby Adams, president and CEO of BHP Steel said that it was significant that relief from tariffs had been provided for slab imports, which comprised over 40% of BHP Steel exports to the USA in 2001. In addition, the group stands to benefit through its 50% interest in North Star -- located in Ohio USA. He said that the US's decision would do little to aid the cause of international restructuring other than exacerbating the financial pressure on higher cost producers around the world.
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