The deal marked its entry into the US onshore shale industry, adding to its oil and gas field interests in the offshore Gulf of Mexico. It added to the Fayetteville assets when it bought US independent Petrohawk for $12.1bn.
"We have initiated the marketing our Fayetteville acreage. However, we will only divest the field if it maximises value for shareholders," BHP chief executive Andrew Mackenzie said. The company wrote down the value of its Fayetteville assets in August 2012 when it took a charge of $2.84bn.
BHP last month said that it plans to invest about $4bn/yr in its onshore US shale business. The US onshore petroleum interests include shale fields in the Permian basin in western Texas, the Eagle Ford in southern Texas and the Haynesville shale field that straddles Texas and Louisiana.
The company's total production is forecast to increase by 5pc to 699,000 b/d of oil equivalent (boe/d) in 2014-15, supported by a 44,000 b/d increase in liquids output from its onshore US fields. It is forecasting output of 200,000 boe/d from the Eagle Ford and Permian by the end of the 2016-17 fiscal year ending 30 June.
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Well that only took 4 years...
Sorry, should have said "This story "Merit"s some consideration..."
In researching the decades-old Tuscaloosa Trend and the immense wealth it has generated for many, I find it deeply troubling that this resource-rich formation runs directly beneath one of the poorest communities in North Baton Rouge—near Southern University, Louisiana—yet neither the university ( that I am aware of) nor local residents appear to have received any compensation for the minerals extracted from their land.
This area has suffered immense environmental degradation…
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AboutAs exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More |
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