BHP Billiton In 1.6 Billion Barrel Offshore Oil Discovery

Published at 04:18PM - 11/09/15

BHP Billiton’s president for petroleum, has hinted at the possibility that one of the firm’s offshore discoveries is looking to be a major oil find.

Tim Cutt broke the news whilst speaking at a conference for Energy-Power CEOs in New York.  Cutt said that BHP had licensed around 10,000 square km of 3D seismic survey from multiple clients. 

He said that the data had enabled BHP to identify four leads that have combined reserves of over 1.6 billion barrels of oil.

The oil discovery is located offshore Western Australia, in an area know as the Beagle sub-basin, in water depths classed shallow to medium.

Map Showing BHP Billiton Oil Blocks Offshore Wester Australia

Map Showing BHP Billiton Oil Blocks Offshore Wester Australia

Cutt said that the firm will now move to test the data with an exploration well, that they plan to drill during 2018.

He said: “Our mega-regional evaluation of Western Australia highlighted the potential for a largely untested Tier 1 liquids play in the Beagle sub-basin. The play is on trend with the Barrow sub-basin and we have identified four leads that each have the potential of over 400 Mmbbl recoverable.”