BHP Billiton has snapped up the remaining interest in a block in the Orange basin offshore South Africa.
Colorado-based Global Energy Holdings has agreed to sell its carried 10% stake in Block 3B/4B to BHP, which already operates the block with a 90% interest. Global has not disclose the terms of the deal but said appropriate governmental approvals are currently in process.
Block 3B/4B covers nearly 29,000sq km in water depths ranging from 300-2,500 m (984-8,202 ft). The Australian major acquired its initial 90% stake in the block under a farm-in agreement signed with Global in 2005.
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