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A decision by BHP Billiton Ltd. (BHP), the worlds biggest mining company, to give up its stake in a U.S. oil field in the Gulf of Mexico has puzzled analysts at Deutsche Bank AG who valued it at $450 million.

Stampede was a good enough project for BHP and we were surprised to learn that BHP walked away from its 20 percent stake, analysts led by Anna Mulholland and Paul Young wrote yesterday in a report. The analysts said they only realized the asset had been shed after BHPs former partners -- Chevron Corp. (CVX), Statoil ASA (STL), Nexen Inc. and the operator Hess Corp. (HES) -- last week announced a $6 billion plan to develop it.

BHPs withdrawal in April was disclosed on page 76 of the Melbourne-based companys annual report on Sept. 25. We decided not to proceed with the Stampede development project as we are focused on the higher-return opportunities within our portfolio, BHP said in an e-mailed response to questions.

The worlds three-biggest mining companies BHP, Rio Tinto Group and Glencore Plc are cutting spending on new projects as commodities prices tumble and as pressure mounts from some shareholders to return cash.

The withdrawal from Stampede, combined with BHPs announcement last month that its seeking to sell its Fayetteville shale-gas assets in Arkansas, appears to be based on the drive to reduce group capex, with value now being sacrificed to maximize free cash flow, Deutsche Bank said.

Chevron, Statoil, Nexen and Hess each own 25 percent of the field after BHPs holding was split among them. Stampede is projected to produce 80,000 barrels of oil a day from 2018 with recoverable resources of more than 300 million barrels of oil equivalent.

BHP had held the stake since the discovery in 2005, which at the time was the deepest well drilled in the Gulf of Mexico at more than 34,000 feet (10,363 meters).

Chevron, the second-largest U.S. oil and gas producer, last week described Stampede as a long-term development opportunity that will deliver value to shareholders.

We also had the same opinion of the project, Deutsche Bank said.

BHP spent $20 billion in 2011 on shale assets in the U.S., getting its foothold in U.S. plays in Arkansas, Louisiana and Texas. It operates two fields in the Gulf of Mexico, Shenzi and Neptune, and has interests in three others. Production from those fields was the equivalent of 36.1 million barrels of oil in fiscal 2014.

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BHP Sheds Oil Field Deutsche Bank Values at $450 Million

A genome taken from a 36,000-year-old skeleton has helped scientists shed new light on interbreeding between humans and Neanderthals.

The ground-breaking study of DNA recovered from a fossil of one of the earliest known Europeans - a man who lived in western Russia - shows that the genetics of the earliest inhabitants of the continent survived the last ice age, helping form the basis of the modern-day population.

Known as the Kostenki genome, the DNA also contained evidence the man shared, as with all people of Eurasia today, a small percentage of Neanderthal genes, confirming previous findings which show a period when Neanderthals and the first humans to leave Africa for Europe briefly interbred.

This means that, even today, anyone with a Eurasian ancestry - from Chinese to Scandinavian and North American - has a small element of Neanderthal DNA.

But despite Western Eurasians going on to share the European landmass with Neanderthals for another 10,000 years, no further periods of interbreeding occurred, the study said.

Robert Foley, a University of Cambridge professor, questioned whether Neanderthal populations were quickly dwindling and whether modern humans still encountered them.

"We were originally surprised to discover there had been interbreeding," Foley said.

"Now the question is, why so little?

"It's an extraordinary finding that we don't understand yet."

Lead author Eske Willerslev said the work revealed the complex web of population relationships in the past, generating for the first time a firm framework with which to explore how humans responded to climate change, encounters with other populations, and the dynamic landscapes of the ice age.

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DNA sheds light on Neanderthal mixing

Always larger, Jennie weighed 15st by age 13 After the birth of her daughter her weight rose to its highest of 21st Decided to lose weight, used a nutritionist to overhaul her diet Ditched the takeaways for home cooking and began going to the gym Posted 'before and after' pictures on Facebook as she lost each stone Dropped to 11st, going from a size 26 to a size 10 Now launched a new Facebook weight loss group; 'Jennie New You'

By Katy Winter for MailOnline

Published: 10:17 EST, 6 November 2014 | Updated: 10:20 EST, 6 November 2014

If posting pictures of your figure on Facebook is your idea of socialsuicide then you might be able to takeinspirationfrom one mother who used the website to help her shed nearly half her bodyweight.

Jennie Higgins, 26, tipped the scales at 21st after neglecting healthy eating following the birth of her daughter Eva, now four.

Desperate to change, Miss Higgins, of Liverpool, began sharing her weight loss efforts online and, buoyed by the encouragement of social network users, slimmed down to a more svelte 11st over the course of 18 months.

Jennieasked a nutritionist to help draw up a tailored meal plan, ditching her huge takeaways, helping to her to shed nearly half her body weight (before her weight loss, left, and right, now)

Jennie went from 21st and a size 26 (left) to a slim size 10 and 11st (right) by changing her unhealthy diet

Today, she weighs 10st, having shrunk from a size 26 to a size 10.

Miss Higgins posted 'before and after' pictures on Facebook as she lost each stone.

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Liverpool woman sheds 10 STONE by posting progress selfies on Facebook

U.S. crude settled about 1 percent lower on Thursday, but an apparent momentum towards a deal between Iran and world powers over its nuclear program and higher U.S. inventories offset supply shocks in the Middle East.

U.S. Secretary of State John Kerry said on Wednesday that a deal between Iran and the P5+1 group of countries would be harder to achieve after a Nov. 24 deadline, suggesting a degree of urgency ahead of planned talks in Oman next week.

"If sanctions on Iran are eased, one needs to review once again the supply and demand balance," said Olivier Jakob of Petromatrix, a Swiss energy consultancy.

Iran a 'time bomb'for oil prices

Samuel Ciszuk, senior advisor on supply security at the Swedish Energy Agency, told the Reuters Global Oil Forum on Wednesday that he saw the odds of a deal or compromise being reached as "50-50".

U.S. crude futures for December delivery settled about 1 percent lower at $77.91 per barrel, down 77 cents on the day. Meanwhile, brent crude for was flat and slightly below $83 a barrel, after touching a high of $83.24 earlier.

Read MoreLook out below! Oil is not done falling

U.S. crude inventories rose 460,000 barrels in the week to Oct. 31, Energy Information Administration data showed on Wednesday, albeit compared with analysts' expectations of an increase of 2.2 million barrels.

"U.S. domestic production is at its highest level ever, and imports are at their lowest for more than a decade - that's a bearish outlook in the short term," said Tamas Varga, analyst at PVM Oil in London.

Read MoreCramer: The real fools bringing down oil

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WTI sheds 1%; brent flat as Iran weighs

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The Kinsale hen party that ended with the death of a woman by gas poisoning in a hotel room was recalled for a judge and jury yesterday as a plumber who adjusted the gas boiler days earlier went on trial for manslaughter.

The late Miriam Reidy, aged 35, from Ballyhahill, Co Limerick, was one of a group of 30 friends attending a hen party weekend for her cousin in Kinsale.

The main location was the White House, where most of the women stayed. But as there wasnt room for everyone, some went to the Trident Hotel.

Ms Reidy and her sister, Patricia Reidy-Russell, stayed in Room 113 and had come back at about 1am after no more than about two glasses of wine.

Ms Reidy-Russell heard a thud during the night and found that her sister had fallen out of bed. Both women felt unwell and could not figure it out as they had so little to drink.

At 4.25am, Ms Reidy-Russell Patricia texted their cousin Marie Reidy, asking: Are you sick, we are bad and shaking? When they did not improve, they called out a doctor.

Brendan Grehan, prosecuting, said Marie Reidy arrived on the scene and opened the window, a vital action as far as Ms Reidy-Russells health was concerned.

CPR was attempted on Miriam Reidy but it was too late.

Richard Davis, aged 44, from Serenity, Killanully, Ballygarvan, Co Cork, has pleaded not guilty to manslaughter.

Irish Examiner Ltd. All rights reserved

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Plumber on trial over gas poisoning death at hotel

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Andersen 100 Series Windows and Doors The Smart Alternative to Vinyl
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