BHP Billiton seeks to pump oil from Mexican waters

|About: BHP Billiton Limited (BHP)|By:, SA News Editor

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.