Mining Weekly BHP completes Shenzi buy - Creamer Media's Mining Weekly

PERTH (miningweekly.com) – Diversified major BHP over the weekend completed the transaction to acquire an additional 28% working interest in Shenzi, a six-lease development in the deepwater Gulf of Mexico.

The company in October struck the $505-million agreement with Hess Corporation, which would result in BHP’s working interest in the project increasing to 72% and immediately add approximately 11 000 barrels of oil equivalent per day of production.

BHP previously said that the transaction was consistent with the company’s strategy of targeting counter-cyclical acquisitions in high-quality producing or near-producing assets.