By the OGJ Online Staff
HOUSTON, Oct. 24 -- BHP Billiton Ltd. of Melbourne, Australia, plans to invest $620 million in oil and gas development projects in Algeria, including $430 million for the Ohanet gas project.
The company holds 45% interest in that project. Woodside Petroleum Ltd., Perth, Australia, also has 15% of that project, with the Algerian state oil company Sonatrach and other partners owning the balance.
Total investment in the Ohanet gas project will be $1 billion, with first production expected in 2004. Reserve estimates for that field exceed 3.2 tcf of pipeline quality gas, 97 million bbl of condensate, and 115 million bbl of liquid natural gas.
BHP earlier sold Woodside a 15% stake in the Ohanet risk service contract, plus its 50% interests in the Hassi R'Mel West gas prospect agreement, and the Boukhechba production sharing contract in a $225 million deal (OGJ Online, Jan. 2, 2001).
BHP Billiton also earmarked $190 million for development of ROD oil field in the Berkine basin region of the Sahara Desert, 800 km south of Algiers.
With estimated reserves of 300 million boe, ROD field extends to blocks operated by Agip and Sonatrach. First production is expected in the first half of 2003.
