Monday, October 25, 2010

BHP (NYSE:BHP) Spending $900 Million on Gas and Oil Exploration in Fiscal Year

In their fiscal year ending June 2011, BHP Billiton Ltd. (NYSE:BHP) said they plan on spending a record $900 million in oil and gas exploration.

The 2010 fiscal year exploration budget of BHP was $817 million. Spending in the quarter ending September 30 was only $74 million, as the bulk of the spending will occur in the second half of their fiscal year.

On the company website, BHP says their primary gas and oil exploration focus going forward will be the Gulf of Mexico, Australia, Canada, the Falklands and Malaysia.

Even with Gulf operations being slowed by the Obama administration moratorium, BHP still sees results being in line with 2010's.

Overall production for last year increased by 15 percent to 158.6 million barrels.

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