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BHP Billiton Limited (ASX:BHP) has increased its stake and taken operatorship of the a petroleum exploration project in Western Australia's Carnarvon Basin, formerly run by a Woodside Petroleum Limited (ASX:WPL) subsidiary.
Cue Energy Resources Limited (ASX:CUE) says both it and BHP Billiton have increased their respective stakes in the operation.
BHP has agreed to increase its interest to 60 per cent in the permit and assume operatorship, subject also to the necessary regulatory approvals.
Cue increased its stake from 35 per cent to 40 per cent, saying it sees significant remaining hydrocarbon potential in the project.
Previously, Woodside Burrup, a subsidiary of Woodside Petroleum held a 35 per cent stake in the project.
BHP delivered a net profit of $4.1 billion in the first half of fiscal 2013.
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