Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. REVELANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Copper Tip Energy Services
Copper Tip Energy
Hazloc Heaters

EnergyNow Showcase

BHP Says will Consider Asset Swaps as Part of Shale Exit


English Español 简体中文 हिन्दी Português
These translations are done via Google Translate

March 7, 2018, by Jessica Resnick-Ault

HOUSTON (Reuters) – Global miner BHP will consider swapping certain onshore oil and gas assets with competitors’ offshore assets, as part of its effort to exit U.S. shale formations, Steve Pastor, BHP’s president for petroleum operations, said on Wednesday.

BHP, facing calls from activist investor Elliott Advisors tomake changes to its business, had previously said it plans to sell its onshore U.S. shale assets. BHP said last week that the stake was on track with initial bids expected in the June quarter.

“We’re also talking with some counterparties in very specific circumstances about the potential to do some asset swaps and pick up some high quality tier 1 acreage,” Pastor said, referring to the most promising offshore assets. Any swap would need to be competitive with what BHP could fetch in a sale, he said.

BHP is not looking for existing production platforms, he said, speaking to Reuters at the CERAWeek by IHS Markit conference. Rather, the company is seeking acreage that has been found viable for production, “where we can come in as an operator and really unlock significant incremental value through the development phase.”

The assets swaps could augment the company’s exploration program, he said. Pastor said the company would consider selling dividing its acreage for multiple buyers; it currently owns onshore U.S. assets in Texas, Louisiana and Arkansas.

Reporting By Jessica Resnick-Ault; Editing by Chizu Nomiyama



Share This:



More News Articles


New SHOWCASE Directory Companies

 

Becht
RAM Industries Inc.
Osperity
RHK Hydraulic Cylinder Services Inc.