BHP Billiton Limited
(ASX:BHP) is aiming to grow its petroleum business and has outlined plans to boost petroleum production.
The global miner expects to invest $US6.5 billion to increase petroleum production by 8 per cent in the current financial year.
The plan forms part of BHP’s strategy to grow production by about 10 per cent annually over the next decade.
BHP says onshore US shale will be an essential element of its strategy as the sector provides strong returns, fast payback and multiple upside opportunities.
The company believes long term production growth will be supported by the continued growth in shale liquids, large conventional projects and drilling programs and a ramp-up in shale dry gas as prices recover.
BHP Billiton posted an annual net profit of $15.2 billion in the 2012 financial year.
