MARKETS

BHP backing oil as it takes larger Shenzi share

BHP is taking another 28% of the Shenzi oil project in the Gulf of Mexico from US giant Hess Corporation for a price of US$505 million. 

 Shenzi. Credit: BHP

Shenzi. Credit: BHP

  The field produces around 11,000 barrels of oil equivalent per day, in a 90%-10% split between oil and gas.    BHP told the market today its ‘counter-cyclical' investment gave it a good bargain...

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