BHP Billiton to start back investing heavily into oil exploration

Offshore Drilling Platform and Sun

Over the next 12 months, BHP Billiton plans to spend more on exploration. Their program focuses on three conventional deepwater basins.

Laura Tyler, Head of Geoscience at BHP Billiton, explains, “Next financial year, we intend to invest approximately $900 million dollars in exploration, which represents 18 percent of our overall capital budget. We are also challenging existing paradigms with a scientific based and disciplined approach to exploration.”

She continues, “We have reduced exploration operating costs by 70 per cent since 2013, and this year we have increased the targets tested by 44 per cent. Over the last four years, we have developed a new approach to Petroleum exploration that is much more focused. We have commenced drilling in Trinidad and Tobago and have secured an additional rig which will soon commence drilling in a prospective block north of our Shenzi operations in the Gulf of Mexico.”

Article written by HEI contributor Marcela Abarca.

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