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BHP Billiton seeks to pump oil from Mexican waters

BHP Billiton (NYSE:BHP) says it expects to join the bidding to develop Mexico’s deepwater oil fields when the country opens its offshore resources to foreign explorers next year.

A move into Mexican waters would expand BHP’s interests in the Gulf of Mexico, which includes two platforms it operates and a stake in production from three others; BHP currently produces ~100K boe/day in the Gulf.

BHP says it is initially interested in helping develop Mexico’s offshore assets rather than extending its shale expertise onshore; it was high bidder on 14 offshore blocks in a U.S. lease sale last month, including one area along the Mexico border.

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Comments (1)
  • Capt Jack Daniels
    , contributor
    Comments (1466) | Send Message
    BHP should proceed with caution in Mexico there is a reason why Mexico is finally opening up it's fields to foreign explorers. A safer play may be to simply stick with operations on the US side of the border and use a very long straw to drink the surrounding milk shakes.
    4 Sep 2014, 11:41 AM Reply Like
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