BHP chief executive Andrew Mackenzie. Picture: AAP
BHP chief executive Andrew Mackenzie. Picture: AAP

BHP to invest $US283m in Caribbean project

Global miner BHP has approved a $US283 million ($A418 million) investment 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 per cent stake, is about $US500 million, BHP 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," BHP president operations petroleum Geraldine Slattery said.