BHP Billiton to Spend US$900 Million on Exploration in FY17
June 26 2016 - 7:17PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--BHP Billiton Ltd. (BHP.AU) plans to spend roughly US$900
million, or almost one-fifth of its total capital budget, exploring
for commodities in the year through June, 2017, said the company's
head of geoscience, Laura Tyler.
In the first nine months of its current fiscal year, BHP spent
about US$516 million on petroleum and minerals exploration,
according to its last quarterly report.
On Monday, Ms. Tyler said BHP's petroleum exploration program is
focused on the Gulf of Mexico, Caribbean and off the coast of
Western Australia, while it is exploring for copper in Chile, Peru,
the U.S., Canada and Australia.
BHP has previously said it will invest more in its oil-and-gas
and copper businesses after major expansions in iron ore and coal
in recent years.
Ms. Tyler said BHP has reduced exploration operating costs by
70% since 2013.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
June 26, 2016 19:02 ET (23:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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