Date 28 November 2000
Number 111/00
BHP SELLS SHARE IN BUFFALO OIL FIELD
BHP Limited (BHP) today announced it has agreed to sell BHP Petroleum (North
West Shelf) Pty Ltd's interest in the Timor Sea located Buffalo oil field to
the InterOil Corporation (InterOil) for US$21 million.
The sale to InterOil is subject to the pre-emptive rights of BHP's joint
venture partner Nexen Petroleum Australia Pty Limited [formerly Canadian
Petroleum Australia (Operations) Pty Limited] to acquire the asset and formal
government approvals. It is expected the sale will be completed early next
year.
The Buffalo oil field was discovered in 1996 and is located in Production
Licences WA-19L and WA-21-L in the Timor Sea off the north-west coast of
Australia, approximately 560kms from Darwin. Along with its joint venture
partner Nexen Petroleum Australia Pty Limited (50%), BHP Petroleum (50%,
operator) announced the start of oil production from the field in December
1999.
The sale of BHP's interest in the Buffalo oil field is part of the Company's
active portfolio management strategy. It also marks a further stage in the
Company's efforts to concentrate its petroleum activities around high value
growth strategies in deepwater exploration and development, gas
commercialisation and gaining access to discovered resources in North Africa
and the Middle East.
Further information can be found on our Internet site: http://www.bhp.com
Contact:
MEDIA RELATIONS
Mandy Frostick, Manager Media Relations
Ph: 61 3 9609 4157
Mob: 61 419 546 245
INVESTOR RELATIONS
Robert Porter, Vice President Investor Relations
Ph: 61 3 9609 3540
Mob: 61 419 587 456
Candy Ramsey, BHP Investor Relations Houston
Ph: (713) 961-8640
