BHP to splash record profits on global shale gas
BHP Billiton is considering expanding into shale-gas exploration beyond the US in the wake of its take-over of Petrohawk Energy and the purchase of a package of assets from Chesapeake Energy
In a conference call held after the Australian resources company posted record results on 24 August, chief executive Marius Kloppers said: “Shale gas will play into the world’s total energy mix and ... over time we hope to participate in other areas of the world as well.” Last month, BHP announced its $12.1 billion take-over of Petrohawk, which gives it around 1 million acres in Texas and Louisiana, and positions in the highly productive Eagle Ford and Haynesville shales, as well as the Permian basin. Petrohawk is expected to produce 950 million cubic feet equivalent a day (cfe/d) of gas this year and has an estimated proved resource of 3.4 trillion cfe. In February, BHP paid Chesapeake $4.7
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