-- BHP Billiton Ltd., Australia's biggest oil and gas producer, said crude oil and condensates output increased 54 percent in the fourth quarter, buoyed by the start-up of fields in the Gulf of Mexico and Australia.

Oil and condensates production jumped to 17.6 million barrels in the three months ended June 30, up from 11.4 million a year earlier, Melbourne-based BHP said today in a statement to the Australian stock exchange. The increase drove a 20 percent gain in total oil and gas output in the quarter.

BHP, also the world's biggest mining company, started up the Genghis Khan and Atlantis South oil fields in the Gulf of Mexico and the Stybarrow field off northwest Australia between October and December last year, boosting crude output as prices advanced. The start-ups contributed to a record annual output of oil and gas of 129.5 million barrels, up 13 percent.

``Newly commissioned petroleum projects in fiscally stable regimes contributed to a record performance,'' BHP said in the statement. ``Ramp-up of production from these projects and future growth options will continue to increase the weighting of high-margin liquids in our portfolio mix at a time of historically high oil prices.''

Crude-oil prices reached a record $147.27 a barrel on July 11 in New York. BHP also started up the delayed Neptune petroleum project in the Gulf of Mexico earlier this month. Six of seven wells at Neptune have been completed and the project is ramping up toward full output, BHP said today.

The North West Shelf venture's Angel natural gas project, due to start up at the end of 2008, is running ahead of schedule and budget, BHP said today in a separate statement on exploration and development activities. The venture's liquefied natural gas expansion is on schedule and budget, it said.

BHP said it found hydrocarbons at the Thebe-2 appraisal well off northwest Australia. The Thebe discovery, drilled last year, was the company's largest find in the past five years, J. Michael Yeager, chief executive officer of the petroleum business, said in May.

Condensate is a light oil produced in association with natural gas.