BHP announced that it has completed the transaction to acquire an additional 28 per cent working interest in Shenzi from Hess Corporation (Hess), for US$505 million subject to the typical adjustment to reflect net cash generated from the 1 July 2020 transaction effective date to the close date of 6 November 2020.

The transaction brings BHP’s working interest to 72 per cent and adds approximately 11,000 barrels of oil equivalent per day of production (90 per cent oil) as of the transaction closing date of 6 November 2020.

Total petroleum production guidance for the 2021 financial year of between 95 and 102 MMboe will be updated at the second quarter Operational Review (released 20 January 2021 AEST) to reflect the additional production from Shenzi and other operational updates such as Gulf of Mexico hurricane impacts.

Shenzi is a six-lease development in the deepwater Gulf of Mexico and is structured as a joint ownership: BHP (Operator, 72 per cent interest) and Repsol S.A. (28 per cent interest).

About BHP

BHP is a world-leading resources company. We extract and process minerals, oil and gas, with more than 60,000 employees and contractors, primarily in Australia and the Americas. Our products are sold worldwide, with sales and marketing led through Singapore and Houston, United States. Our global headquarters are in Melbourne, Australia.

We operate under a Dual Listed Company structure with two parent companies (BHP Billiton Limited and BHP Billiton Plc) operated as if we were a single economic entity, which we refer to as BHP. We are run by a unified Board and management.

About Hess

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.