BHP To Invest $283mn In Trinidad Project

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(Reuters, 7.Aug.2019) — Global miner BHP Group said on Thursday it has approved an investment of $283 million to fund the development of an oil and gas project in Trinidad and Tobago.

Total investment in the Ruby Project, in which BHP holds a 68.5% stake, is about $500 million, the miner said in a statement.

The remaining interest in the project is held by state-owned Heritage Petroleum and the National Gas Company of Trinidad and Tobago.

“Ruby aligns well with our strategy of maximizing value from our existing assets, bringing competitive near term value and volume growth,” Geraldine Slattery, BHP President Operations Petroleum said.

Reporting by Aditya Soni in Bengaluru; editing by Richard Pullin

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Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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