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BHP Buys Stake in Offshore Falkland Oil Fields

BHP Billiton said Tuesday it bought a 40% interest in 14 offshore exploration and production licenses near the Falkland Islands in the South Atlantic from Falkland Oil and Gas.

BHP signed the contracts with Falkland Oil for rights to explore and possibly produce oil and natural gas from the East Falkland Basin located off the southern and eastern coasts of the Falkland Islands.

Financial terms of the deal were not released.

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