BHP Billiton to cut US shale oil operation by 40%Staff writer ▼ | January 21, 2015
The falling oil price has forced BHP Billiton, to cut its US shale oil operation by 40%. It is reducing the number of rigs from 26 to 16 by the end of the June.
The biggest mining company Cutting down operations
Oil prices have fallen by more than half since last summer, with the price of both Brent and US crude now below $50 a barrel.
Chief executive Andrew Mackenzie said: "In petroleum, we have moved quickly in response to lower prices.
"The revised drilling programme will benefit from significant improvements in drilling and completions efficiency." Mr Mackenzie said the group's drilling operations would now focus on its Black Hawk field in Texas. ■