BHP to focus on Gulf of Mexico, offshore Western Australia oil plays

Offshore staff

PERTH, AustraliaBHP Billiton has allocated total capex of $1.5 billion for its various offshore programs this year.

The company is focused on potentially high-return infill drilling opportunities in the Gulf of Mexico and Western Australia, and on life extension projects at its fields in the Bass Strait off southeast Australia and the North West Shelf.

The main targets for exploration (total budget $600 million) are oil plays in the deepwater Gulf of Mexico, the Caribbean, and the Beagle sub-basin off Western Australia.

Since last August the company has acquired 26 blocks in the Western Gulf of Mexico Lease Sale, each with a 100% working interest.

During 4Q 2015, the company approved an investment of $314 million for the North West Shelf Greater Western Flank-B petroleum project, following delivery of first production from the North West Shelf Greater Western Flank-A project.

However, the company’s liquids production fell by 9%, impacted in part by industrial action at its Bass Strait facilities and natural field declines.

01/20/2016

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