BHP Billiton has told its Australian partner Otto Energy that it will not participate in the planned Cinco-1 gas exploration well. It will be withdrawing from its operating stake in the Service Contract 55 licence, offshore Palawan in the Philippines. The move took Otto by surprise, and the company said it was taking legal advice on BHP Billiton's continuing obligations to fund its working interest through the current exploration sub-phase. The Cinco-1 well was expected to cost around $80 million.
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