Global miner BHP Group said on Aug. 8 it has approved an investment of $283 million to fund the development of an oil and gas project in Trinidad and Tobago.

Total investment in the Ruby Project, in which BHP holds a 68.5% stake, is about $500 million, the company said in a statement.

The remaining interest in the project is held by state-owned Heritage Petroleum and the National Gas Company of Trinidad and Tobago.

“Ruby aligns well with our strategy of maximizing value from our existing assets, bringing competitive near-term value and volume growth,” said Geraldine Slattery, president operations petroleum for BHP.