Offshore | June 27, 2016 | Offshore Staff

SYDNEY, Australia – BHP Billiton provided an update on its exploratory program, outlining what it calls its “value-focused approach.” The natural resources conglomerate said it will target opportunities within oil to enhance its long-term portfolio.

Speaking at Citigroup’s Mining Exploration Day in Sydney, BHP Billiton Head of Geoscience Laura Tyler said the company is focusing its exploration approach through targeted analysis and the establishment of a Geoscience Centre of Excellence.

She said the company sees exploration as “a key source of value creation,” and provided an update on its multi-million exploratory program.

“We are investing at a time when most in our sector continue to reduce discretionary spend,” she said. “Next financial year, we intend to invest approximately $900 million dollars in exploration, which represents 18% of our overall capital budget.

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