BHP (ASX:BHP) completes Shenzi Transaction

Company News

by Anna Napoli

BHP (ASX:BHP) has completed the transaction to acquire an additional 28 per cent working interest in Shenzi from Hess Corporation (Hess), for US$505 million.

The transaction brings BHP’s working interest to 72 per cent and adds approximately 11,000 barrels of oil equivalent per day of production.

Total petroleum production guidance for the 2021 financial year of between 95 and 102 million barrels of oil eqivalent will be updated at the second quarter Operational Review to reflect the additional production from Shenzi and other operational updates such as Gulf of Mexico hurricane impacts.

Shenzi is a six-lease development in the deepwater Gulf of Mexico and is structured as a joint ownership.

Shares in BHP (ASX:BHP) are trading 2.88 per cent higher at $35.67.