Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

The Associated Press September 24, 2010, 5:16PM ET

Apache, BHP to develop Australian gas field

Apache Corp. and BHP Billiton said Friday they will spend about $1.5 billion to develop a gas field off the coast of western Australia.

BHP Billiton will have the majority interest and will operate the project, which is 60 miles west of Onslow. Its share of the development cost will be about $1.05 billion while Apache will invest about $430 million and own 28.57 percent interest.

The project will develop four offshore wells to produce gas for an onshore processing plant with the capacity of 200 million cubic feet of gas per day. The processed product will be delivered through pipelines to the domestic gas market in western Australia.

Shares of Apache, which is based in Houston, rose $3.14, or 3.3 percent, to close Friday at $98.13 and rose 7 cents in after-hours trading.


BW Mall - Sponsored Links

Buy a link now!