https://www.engineeringnews.co.za

BHP Billiton to spend $900m on copper and oil exploration

The Shenzi development in the Gulf of Mexico, which BHP Billiton discovered in the 2000s. The company continues to build its acreage position in the area.

The Shenzi development in the Gulf of Mexico, which BHP Billiton discovered in the 2000s. The company continues to build its acreage position in the area.

27th June 2016

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Diversified mining major BHP Billiton would spend about $900-million on exploration in the next financial year, focusing on opportunities in copper and oil.

The exploration budget represented about 18% of BHP Billiton’s overall capital budget of $5-billion for the 2017 financial year, head of geoscience Laura Tyler said on Monday.

“We are investing at a time when most in our sector continue to reduce discretionary spend,” she said.

The 2017 forecast compared with the $700-million that BHP Billiton previously said its 2016 financial year's exploration expenditure would be.

BHP Billiton’s petroleum exploration programme was focused on three conventional deep-water basins in the Gulf of Mexico, the Caribbean and the Northern Beagle sub-basin off the coast of Western Australia.

The copper exploration programme was targeting tier-one greenfield mineral deposits, with a particular focus on copper porphyry and skarn deposits in Chile, Peru and the US; sedimentary hosted copper deposits in the north of Canada and iron-oxide/copper/gold deposits in South Australia’s Stuart Shelf, adjacent to Olympic Dam.

Tyler reported that BHP Billiton, which viewed exploration as a key source of value creation, had reduced its exploration operating costs by 70% since 2013 and that it had increased the targets tested by 44%.

“We are challenging existing paradigms with a scientific-based and disciplined approach to exploration.”

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.08 0.128s - 156pq - 2rq
Subscribe Now