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BHP BILLITON ANNOUNCES SIGNIFICANT OIL DISCOVERY OFFSHORE TRINIDAD
BHP Billiton today announced the results of the Canteen-1 exploration well
that was recently drilled offshore Trinidad. The well confirms a significant
oil resource and is the Group's fourth commercial hydrocarbon discovery in
the shallow waters off the east coast of Trinidad.
Drilling of the Canteen-1 exploration well began on 23 October 2001, in
block 2(c) with the jack-up rig Global Marine Labrador 1. The well is
located in a water depth of 164 feet, approximately one mile north of the
previously announced oil and gas discovery at Kairi-1, which is also in
Block 2(c).
The Canteen well has demonstrated a lateral extension of the accumulation
and further appraisal drilling will be required to define the level of
reserves. This is an early stage of the appraisal programme and the data so
far indicates the accumulation is likely to be a multi-hundred million
barrel discovery.
Canteen-1 was drilled to a total depth of 7,070 feet and encountered
approximately 700 feet (gross) of hydrocarbon-bearing sands that included
200 feet of net oil pay and 179 feet of net gas pay. The well was tested at
a rate of 3,700 barrels of oil per day through a 72/64 inch choke.
Log and test data from Canteen-1 indicate a high quality reservoir formation
similar to that found in the Kairi-1 well. As announced on 6 November 2001,
Kairi-1 flowed at 3,000 barrels per day through a 38/64 inch choke, and
found a hydrocarbon column that included 235 feet of oil pay and 322 feet of
gas pay.
BHP Billiton Petroleum President and Chief Executive Officer Philip Aiken
said: "The results from Canteen-1 confirm a significant oil find. With this
being our fourth discovery in the area, offshore Trinidad has the potential
to become a major hydrocarbon producing province, providing significant
value to all stakeholders.
"We will look to fast track the development, which given the relatively
shallow water and proximity to the coast, could be in production within two
to three years."
An appraisal drilling program will continue to assess the extent of BHP
Billiton's discoveries in Trinidad and to determine the reserves levels and
development planning options.
BHP Billiton holds a 45 per cent interest in Block 2(c) and is the
designated operator. Other partners include TotalFinaElf, with a 30 per cent
interest, and Talisman Energy, which holds a 25 per cent interest.
BHP Billiton is also involved in the negotiation of a Production Sharing
Contract for exploration Block 3(a), which is adjacent to the Group's
discoveries in Block 2(c).
* * * *
Further information can be found on our Internet site:
http://www.bhpbilliton.com
Australia United Kingdom/South Africa
Dr. Robert Porter, Investor Michael Campbell, Investor &
Relations Media Relations
Tel: + 61 3 9609 3540 Tel: +27 11 376 3360Mobile:
Mobile: +61 419 587 456 +27 82 458 2587
email: email:
Robert.Porter@bhpbilliton.com Michael.J.Campbell@bhpbilliton
.com
Mandy Frostick, Media
Relations Ariane Gentil, Manager
Tel: +61 3 9609 4157 Mobile: Communications
+61 419 546 245 Tel: +44 20 7747 3977
email: Mobile: + 44 7881 518 715
Mandy.J.Frostick@bhpbilliton. email:
com Ariane.Gentil@bhpbilliton.com
United States
Francis McAllister, Investor
Relations
Tel: +1 713 961 8625
Mobile: +1 713 480 3699
email:
Francis.R.McAllister@bhpbilli
ton.com
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