Reprinted from Caribbean Net News
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BHP Billiton makes oil, gas discovery off coast of Trinidad

Friday, November 3, 2006

by: Angela Macdonald-Smith

SYDNEY, Australia (Bloomberg): BHP Billiton, Australia's biggest oil and gas producer, has said it made an oil and gas discovery off the Trinidad coast that may be commercially developed.

The Ruby-1 well found oil and gas bearing sands over a depth of about 1,200 feet, of which more than 800 feet could be commercially produced, Melbourne based BHP Billiton, said in a statement. Oil flowed at a rate of nearly 5,000 barrels a day in a test.

The licence area is operated by BHP Billiton, which owns a 25.5 percent stake. Talisman Energy Inc., Anadarko Petroleum Corp., Petroleum Co. of Trinidad & Tobago Ltd. and Total SA also have stakes, BHP said. The well lies in shallow water about 5 miles east of the processing platform for the BHP-operated Greater Angostura field.

"We will study the results to see what type of oil accumulation we have," said Steve Bell, president of exploration at BHP Billiton Petroleum. "Further analysis in coordination with our co-venturers will determine our next steps for this discovery."

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