According to a report by Merrill Lynch, the resource giant will exit Angola and Bolivia following an unsuccessful exploration program in those countries.

However, the company was looking at assets in Brunei and South Africa, where their potential interests were near proven onshore fields with prospective targets, Merrill Lynch said.

BHPB Petroleum told Merrill Lynch it is looking closely at developing fields in Iran and following its successful exploration program in Trinidad, it has established an office in Castro's Cuba.

War-torn Angola is the second largest oil producer of oil in sub-Saharan Africa after Nigeria with 900,000 barrels of oil per day. Oil accounts for about 90 per cent of its exports with about 40% going to the USA.

BHP Petroleum focus remains primarily on the Gulf of Mexico, Trinidad and Australia.