Global oil and gas company BP has completed the purchase of a portfolio of unconventional oil and gas assets in the United States from BHP Billiton Petroleum, the wholly-owned subsidiary of the Anglo-Australian mining and petroleum company BHP for a total consideration of US$10.5bn, of which 50% on completion and 50% deferred over six months.
The acquisition was announced in July 2018 and is part of a plan to upgrade BP's US oil and gas onshore activities. With this acquisition, BP gains access to interests in the Eagle Ford, Haynesville, Permian and Fayetteville onshore oil and gas assets in Texas and Louisiana (United States). The assets represent a combined production of 190,000 boe/d and 4.6 Gboe of resources and will increase BP's foothold in the US onshore oil and gas business.
Shortly after this acquisition, BP expects to make new divestments of US$5-6bn, predominantly in the upstream segment in addition to its ongoing divestment programme of around US$2-3bn divestments per year.