Diversified resources giant BHP Billiton has given the green light for a half-a-billion-dollar investment in its Longford Gas Conditioning Plant (LGCP) project in Australia, necessary to its production plans.
The company announced on Thursday the approval for a $520m investment in the PGCP project as part of the Gippsland Basin Joint Venture in Victoria with Esso Australia Resources Pty (operator). Each company owns a 50% interest in the partnership.
"The LGCP is a necessary extension of Bass Strait infrastructure to enable valuable hydrocarbon liquids production and domestic gas supply for years to come," said J Michael Yeager, the Chief Executive of BHP's Petroleum division.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The new conditioning plant will add carbon dioxide removal capacity to the Longford Gas Plant, which is necessary to condition production from the Turrum offshore development project.
It will process around 400m standard cubic feet of gas per day and will cut CO2 content of treated gas to less than 3%.
BHP said that saleable gas production will start in 2016.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
