BHP's Gas Output Drops in H1
Anglo-Australian multinational BHP's natural gas production during the six months to December 31 (H1) dropped 10% year/year to 169bn ft3, the company said on January 20 in a statement.
BHP said gas output dropped owing to the planned Ruby shutdowns, a decrease in tax barrels at Trinidad and Tobago in accordance with the terms of its production sharing contract, lower gas sales at Australia’s Bass Strait and North West Shelf, and natural field decline across the portfolio.
The company's combined petroleum production declined by 12% yr/yr to 50mn barrels of oil equivalent. The full-year production guidance is 95-102mn boe (260,000-279,000 boe/d). BHP expects volumes to be in the upper half of the guidance range thanks to additional production from Shenzi in Gulf of Mexico. The company acquired an additional 28% in Shenzi last year.
BHP’s gas production in the three months to December 31 (Q2) was down 11% yr/yr and 14% q/q to 79bn ft3. The combined petroleum production in Q2 was 24mn boe, down 16% yr/yr and 11% q/q.