BHP hails calypso cash

finance.news.com.au By Nigel Wilson March 13, 2003

BHP Billiton has committed $US327 million ($541 million) to speeding up its oil and gas discoveries off Trinidad and Tobago. The aggressive plan announced yesterday will have oil production beginning by the end of next year - only five years after the discovery well Angostura-1.

Three other exploration wells have encountered significant hydrocarbons.

BHP Billiton Petroleum and its partners - France's Total Fina Elf and Canada's Talisman Energy - are expected to spend $US726 million on the first phase of the integrated development.

The fast-tracking program will see Angostura oil being sold in the North American market well ahead of gas.