Jul 27, 2018
BP to buy BHP’s US shale assets for $10.5bn
BP has agreed to buy BHP's US shale assets for $10.5bn in a deal the UK oil major hopes will give it access to key acreage as crude prices rebound from lows that caused years of pain for drillers and refiners. The acquisition comes as some of the world's biggest energy companies seek to secure US shale assets, staking a claim on a sector that has emerged as a large-scale source of relatively low-cost oil supply. It will enable BP to gain high-quality oil assets in the US and rebalance its business in the country, which has largely been focused on gas production. In the largest acquisition the company has made since, BP will buy the BHP unit which holds assets in the Eagle Ford and Permian basins in Texas, among the most abundant North American oilfields - as well as the gas-rich Haynesville region in Texas and Louisiana. For much of the past decade, smaller oil companies have driven the US shale boom, cutting costs and making breakthroughs with new drilling technology that turned the US into the world's fastest-growing producer.
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