Mubasher: British oil firm BP Plc has taken the front-runner status on purchasing BHP Billiton Ltd’s onshore oil and gas assets in the US, though the two parties haven’t reached a final agreement yet, an informed source said.
The London-based oil giant is at pains to buy BHP’s assets, presenting the highest offer, while BHP plans to sell its operations in a single package, the source who preferred not mention his name added.
“The assets up for grabs include about 800,000 net acres in four US shale basins, including the Permian Basin, one of the most productive oilfields in the world,” Gulf News reported.
The Anglo-Australian mining giant started discussions to sell its assets since a year, after Elliott Management Corp “described the company’s foray into US oil and gas exploration as an enormous financial bust.”
In May, BHP started receiving purchasing offers from BP, Royal Dutch Shell Plc, Chevron Corp, and others.