BHP expects deal on Timor gas<\/p>\n
MELBOURNE (Reuter): The Broken Hill Pty Co Ltd said yesterday
\nit expects to reach a joint agreement on the design of the Bayu-
\nUndan gas-condensate project in the Timor Sea between
\nnorthwestern Australia and Indonesia this year.<\/p>\n
\"I think we can do it this year,\" Mike Baugh, general manager
\nof petroleum in Australasia for BHP, told a media briefing.<\/p>\n
BHP was earlier this month selected as the unit operator of
\nthe Bayu-Undan field which straddles two ZOCA (Zone of
\nCooperation Agreement) permits in the Timor Sea and two joint
\nventures.<\/p>\n
BHP recently said both joint ventures had collectively studied
\nvarious development concepts for the field, covering both liquids
\nand gas production, notably a liquefied natural gas (LNG)
\nproduction plant.<\/p>\n
BHP holds a 42.417 percent stake of the ZOCA 91-12 Undan
\npermit and has proposed building the LNG plant offshore using its
\nown technology.<\/p>\n
But Phillips Petroleum Co [P.N], which leads the ZOCA 91-13
\nBayu consortium with a 60 percent stake, has proposed the
\nproduction plant be built onshore.<\/p>\n
The Bayu-Undan field was last estimated to have proven and
\nprobable reserves of 3.1 trillion cubic feet of gas and about 400
\nmillion barrels of liquids.<\/p>\n
Development of the field has been estimated to cost up to A$4
\nbillion.<\/p>\n
The participants in ZOCA 91-12 besides BHP are Santos Ltd with
\n21.426 percent, Indonesia's Inpex Sahul with 21.209 percent and
\nPetroz NL with 14.948 percent.<\/p>\n
In the adjacent ZOCA 91-13 permit operated by Phillips, the
\nother participants are Oryx Energy Co with 25 percent and Hardy
\nOil & Gas Plc with 15 percent.<\/p>",
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