Well Cost | Production Rates | Capital Markets | Capital Expenditure | Drilling Program - Wells | Capital Expenditure - 2017
BHP Chops Drilling Plans 50%; Suspends Haynesville, Fayetteville
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BHP provided the following update to its YE-2016 operations and provided some guidance on 2017.
The company is planning a capital expenditure for petroleum operations of approximated $ US 1.4 billion. This includes $800 Million to be focused on the Bass Strait and North West Shelf and $600 million for US Onshore activity. As a result of this curtailed activity in 2017, the company expects production to decrease 200-210 MMboe (562 Mboe/d) down from 658 Mboe/d a 14% reduction.
To put things in perspective, the company is cutting activity and capital more than 50%. While the company did not provide a 2017 breakout for each play, we applied the 66/33 percent spread used in 2016.
FY - 2016 ReviewTotal petroleum production for the 2016 financial year decreased by six…
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