BHP Billiton to Invest $4 Bln Annually to Boost Onshore US Business

Posted on December 10, 2013 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

LONDON–Anglo-Australian natural resources company BHP Billiton Ltd. (BHP) plans to spend $4 billion annually to grow its U.S. onshore oil and gas production to 500,000 barrels of oil equivalent a day by the financial year 2017.

This includes growing its U.S. shale gas business to 200,000 barrels of liquids a day during the same period ending June 30, 2017. Based on this scenario the U.S. onshore business is expected to be self-funding in the 2016 financial year before generating almost $3 billion of free cash flow in the 2020 financial year.