BHP Billiton considers sale of UK petroleum operations

12/19/2012

BHP Billiton considers sale of UK petroleum operations

BY ROBB M STEWART

MELBOURNE -- BHP Billiton is considering exiting its UK petroleum operations, including crude oil and natural gas fields and a processing plant, as part of ongoing efforts to tighten the focus of its portfolio of mining and energy assets.

BHP operates Liverpool Bay, which consists of five producing offshore gas and oil fields in the Irish Sea and the Point of Ayr onshore processing plant in north Wales, and associated infrastructure. It owns a 46.1% stake in the operation, while ENI owns the rest.

The Melbourne based company also holds a 16% non-operating interest in the Bruce oil and gas field in the North Sea and operates the Keith field in which it has a 31.83% stake.

Earlier this month, BHP agreed to sell a minority interest in the planned Browse gas export project off Western Australia to PetroChina for $1.63 billion.

Dow Jones Newswires

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