As operator with a 68.46% interest the company will invest $283 million in the development, which carries a total projected cost of around $500 million.
Heritage Petroleum and the National Gas Company of Trinidad and Tobago (NGC) are the other partners with respective stakes of 20.13% and 11.41%.
The development will focus on resources in the Ruby and Delaware reservoirs and will involve tiebacks of five production wells to existing processing facilities, and newly-acquired ocean bottom node seismic imaging.
BHP estimates recoverable resources at 13.2 MMbbl of oil and 274 bcf of natural gas. It anticipates start-up during the 2021 calendar year, with peak output of ~16,000 b/d and ~80 MMcf/d.