BHP Affirms Devotion to Oil and Gas Despite US Shale Exit

Journal of Petroleum Technology 

BHP Billiton lost billions during its foray into US shale, but that doesn't mean it has soured on oil and gas. Since the Melbourne-based firm announced in July the sales of its assets in the Permian Basin, Eagle Ford Shale, and Haynesville Shale, many have wondered if it would leave oil and gas altogether. But Skip York, BHP head of strategy and market intelligence, petroleum, assures that "BHP is still very bullish on the petroleum story as a natural resources company." That's because there will continue to be value in conventional assets driven by natural declines and the oil supply-demand imbalance, he explained. While demand may peak, its decline will be much slower than that of supply, which tends to take steep dives.

  Country: North America > United States > Texas (1.00)
  Geologic Time: Phanerozoic > Paleozoic > Permian (0.55)
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