Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Commodities  >  LME Copper Cash       

End-of-day quote. End-of-day quote  - 02/04
4685   +2.33%
02/05DJCopper Falls As Dollar Gains, China Holiday Nears
02/04DJCopper Hits One-Month High as Dollar Weakens
02/04DJCopper Hits One-Month High as Dollar Sinks
SummaryChartsNewsAnalysis 
News SummaryAll news 

BHP Billiton Considers Sale of UK Petroleum Operations

12/19/2012 | 03:42am US/Eastern
   By Robb M. Stewart 
 

MELBOURNE--BHP Billiton (>> BHP Billiton Limited) is considering exiting its U.K. 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.

The Anglo-Australian company has launched a strategic review of the business and is exploring options, include the possible sale of the assets, a spokeswoman said Wednesday in an emailed reply to questions. However, she said the process was at a very early stage and no decision to sell has been made.

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 SpA (E) 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 Co. (>> PetroChina Company Limited) for US$1.63 billion in cash. In recent months, it has also signed a deal to sell its diamonds business in northern Canada to Harry Winston Diamond Corp. (>> Harry Winston Diamond Corporation) for US$500 million in cash, completed the sale of a 37% stake in a South African minerals sands business to partner Rio Tinto PLC (>> Rio Tinto plc) for US$1.7 billion and said it would sell an undeveloped uranium deposit in Australia to Cameco Corp. (>> Cameco Corporation) for US$430 million.

Analysts have said the sale of assets where BHP either doesn't have a controlling interest or where the businesses lack scale and can't be significantly expanded will help support ambitious plans to spend roughly US$22 billion on BHP's U.S. shale oil and gas and other businesses this financial year.

Write to Robb M. Stewart at robb.stewart@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

React to this article
Latest news on LME COPPER CASH
02/05DJCopper Falls As Dollar Gains, China Holiday Nears
02/04DJCopper Hits One-Month High as Dollar Weakens
02/04DJCopper Hits One-Month High as Dollar Sinks
01/28DJCopper Prices Fall as Concerns About Demand Resurface
01/28DJCopper Down on China Demand Worries, Weak U.S. Data
01/27DJRemains of Samarco's Collapsed Dam Unstable Because of Heavy Rains
01/27DJCopper Prices Rise on Brighter U.S. Economic Data, Weaker Dollar
01/26DJOil Search Reviews Impairment Charges, Work Plans
01/26DJCopper Higher After Strong Import Data From China
01/21DJCopper Rises as ECB Signals Further Stimulus
Advertisement
News chart
Full-screen chart