BHP (ASX:BHP) has been successful in its bids to acquire a 100 per cent participating interest in, and operatorship of two exploration licences for two blocks in the offshore Orphan Basin in Eastern Canada.
The Canada Newfoundland and Labrador Offshore Petroleum Board made the announcements today.
BHP’s aggregate bid amount of US$625 million covers the drilling and seismic work required by the exploration work programs under the licence agreements over the six year term.
BHP’s minimum commitment under the licence agreements is for US$157 million.
It's expected the licence agreements will be issued in December this year and will be effective in January.
Shares in BHP (ASX:BHP) are trading 0.6 per cent higher at $33.59.