BHP Billiton Ltd (ASX:BHP) is taking a stake in a Filipino oil block.
The miner will take over both operations and up to 60 per cent interest in the oil prospect off the southwestern Philippine island of Palawan.
The company will exercise an option to farm-in to service contract 55, which means taking a majority of the interest of NorAsian Energy Limited, a unit of Otto Energy.
Otto’s managing director Paul Moore said the company was looking forward to working with BHP as the drilling phase of exploration activities begins.
In the first six months of its 2011 financial year, BHP Billiton recorded a net profit of $10.5 billion.
