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BHPBill announces Knotty Head discovery
BHP Billiton today announced a discovery at the Knotty Head exploration well located in Green Canyon Block 512, approximately 170 miles south-east of New Orleans in the Gulf of Mexico. Knotty Head is believed to be the deepest hydrocarbon discovery to date in the Gulf of Mexico, located in water depths of approximately 3 500 feet, with the initial wellbore drilled to total depth of more than 34 000 feet. The well encountered more than 500 feet of net oil pay.
"This is a very encouraging result," said BHP Billiton Group President Energy, Philip Aiken. "We will be working with our partners to determine next steps, including the drilling of a sidetrack from this wellbore to further delineate the lateral extent of the oil sands weÆve found thus far."
BHP Billiton holds a 25% interest in Knotty Head. Other partners include Chevron, Anadarko Petroleum Corporation and Nexen Petroleum USA Inc., a wholly owned subsidiary of Nexen Inc. Each partner holds a 25% interest in the block. Chevron is the operator of the well, which is being drilled with the Transocean drillship Discoverer Spirit and Nexen is the designated operator of the prospect.
BHP Billiton has a significant deepwater position in the Gulf of Mexico with interests in nearly 450 lease blocks. Assets in the Gulf of Mexico include Mad Dog, which commenced production earlier this year, and the Atlantis and Neptune fields, which are currently in development. The company also has deepwater discoveries under appraisal at Cascade, Chinook and Shenzi.
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BHPBill approves Alumina refinery
BHPBill today announced approval of the Alumar Alumina Refinery expansion project in Brazil. The project will increase annual alumina production capacity by 2 million tonnes to 3.5 million tonnes per annum (100% basis), at a cost of USD518 million (BHPBill share). Commissioning is expected to be completed in mid calendar year 2008, and ramp up to steady state production will take place in subsequent months. The expansion project will include upgrades to the existing production unit and duplication of the upgraded line. BHPBill has a 36% interest in the Alumar Refinery, the remaining interest is held by Alcoa affiliates 54% (operator) and Alcan 10%.
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BHPBill -- share of NWS Angel Development
BHP Billiton announced its share of development costs for the North West Shelf Venture's Angel gas and condensate field off the north west coast of Australia. Development will begin immediately following final investment decisions by all of the joint-venture participants. Based on the operator's estimate the total investment is AUS1.6 billion (BHP Billiton's share approximately USD200 million). This will include installation of the Venture's third major offshore production platform off the North West Shelf and associated infrastructure, including a new subsea 50km pipeline which will be tied in to the first trunkline at the North Rankin platform. The development is expected to be fully operational by the end of 2008.
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BHPBill appoints Schutte as president of marketing
Following the appointment of Marius Kloppers to Group President with responsibility for the non-ferrous materials businesses, Mr Tom Schutte, previously vice president finance for Marketing, will become president marketing and will have direct responsibility for all BHPBill's marketing activities, reporting to Mike Salamon who was appointed Executive President of BHPBill.
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BHP Bill -- changes to the board
BHPBill announced on 8 December 2005 that Mike Salamon, currently group president with responsibility for the non-ferrous businesses, will be appointed as executive president of BHPBill with effect from 1 January. Mike will continue to report to the chief executive officer and remain a member of the Office of Chief Executive. Marius Kloppers will move from the role of chief commercial officer position of group president vacated by Mike with effect from 1 January. Karen Wood, previously company secretary for the group, will join the OCE as special advisor and head of group secretariat. Karen will continue to have responsibility for the company secretariat of BHPBill and continue to report to the chairman in that capacity. Phil Aiken, John Fast, Bob Kirkby, Chris Lynch and Marcus Randolph will continue in their current roles and remain members of the office of chief executive. Bob Kirkby will be chairman of the executive committee. BHPBill chairman, Don Argus, also announced today that from 1 January Marius Kloppers and Chris Lynch would join the board as executive directors.
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BHPBill prices Global Bond
BHP Billiton announced today that it has priced a two tranche Global Bond under its debt shelf registration statement, which has been declared effective by the U.S. Securities and Exchange Commission.
The Global Bond comprises USD600 million of 5% Senior Notes due 2010 and USD750 million of 5.25% Senior Notes due 2015. The proceeds will be used to repay debt incurred to fund the recent acquisition of WMC Resources and to repay commercial paper.
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