Business
BHP raises its bet on oil with $700m acquisition in the Gulf of Mexico – Sydney Morning Herald
Top Australian miner BHP is increasing its bet on the future of oil, lifting its stake in a large oil and gas field in the Gulf of Mexico.
The deal, which BHP said would allow it to add about 11,000 barrels of oil equivalent a day to its portfolio, comes after global oil prices collapsed and remain subdued as pandemic-related travel restrictions slash demand for fuel. The benchmark Brent crude oil price, which collapsed from $US65 a barrel at the start of the year to below $US20 a barrel in April, is now trading around $US40. The US benchmark, West Texas Intermediate crude, is selling for $US39.44 a barrel.
BHP chief executive Mik…
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