Total investment in the Ruby Project, in which BHP holds a 68.5% stake, is about $500 million, the company said in a statement.
Arbitrators rule that PDVSA only owes $33.7 million plus interest.
A faction contends that the proceeds would be embezzled by the current administration.
Each well targeted gas in Pliocene-aged rocks.
Cimarex Meramec wells, Marathon Three Forks discoveries plus ConocoPhillips Alaska drilling permits top this week’s drilling activity highlights from around the world.
There were 14 offshore and onshore blocks put up for bidding with a transparent, low-risk contract for investors.
Ramirez claims that companies suing him failed to serve him notice of the suit.
Mexico's oil regulator on June 13 approved exploration plans for four deepwater areas operated by Royal Dutch Shell , after it gave the green light to five others earlier this week, committing the oil major to invest at least $791 million.
If the drilling proves successful, the investment could grow to some $1.3 billion, according to Mexico's National Hydrocarbons Commission.