ONSHORE RESOURCES
BP tipped to buy BHP’s US shale oil and gas assets
New York — BP was in the lead to acquire the US onshore shale oil and gas assets of BHP Billiton after submitting an offer worth well in excess of $10bn, people familiar with the matter said on Friday. The move represents a big bet by BP on US oil and gas production at a time when energy prices are rebounding. It would allow the oil major to significantly rebalance its business with oil production, after focusing largely on natural gas assets. BP was the frontrunner in the auction for the assets run by BHP and could reach a deal in coming weeks, the sources said, cautioning that an agreement was not certain and it was possible that negotiations could end unsuccessfully. The exact terms and composition of BP’s offer could not be confirmed. The sources asked not to be identified as the matter was confidential. BP and BHP did not respond to requests for comment. Onshore shale assets BHP said in August it aimed to sell onshore shale assets in the Eagle Ford, Permian, Haynesville and Fa...
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