BHP plans big US spend

Miner says it will outlay $4bn annually on onshore oil & gas in US.

Australian mining giant BHP Billiton (BHP) has said it plans to spend $4 billion annually to grow its United States onshore oil and gas production to 500,000 barrels of oil equivalent a day by the financial year 2017.

This includes growing its US shale gas business to 200,000 barrels of liquids a day during the same period ending June 30, 2017. Based on this scenario the US onshore business is expected to be self-funding in the 2016 financial year before generating almost $3 billion of free cash flow in the 2020 financial year. 

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