(Reuters) – Global miner BHP Group <BHP.AX> said on Thursday it has approved an investment of $283 million (£233 million) to fund the development of an oil and gas project in Trinidad and Tobago.
Total investment in the Ruby Project, in which BHP holds a 68.5% stake, is about $500 million, the miner said in a statement.
The remaining interest in the project is held by state-owned Heritage Petroleum and the National Gas Company of Trinidad and Tobago.
“Ruby aligns well with our strategy of maximising value from our existing assets, bringing competitive near term value and volume growth,” Geraldine Slattery, BHP President Operations Petroleum said.
(Reporting by Aditya Soni in Bengaluru; editing by Richard Pullin)