British Petroleum (BP) is reportedly looking to expand its American portfolio by acquiring the US onshore shale oil and gas assets of Australian energy firm BHP Billiton.
According to the news, first cited by Reuters, the London-based firm has bid $10bn for the assets that could include the Eagle Ford, Permian, Haynesville and Fayetteville onshore shale basins. In total, BHP owns 794,000 net acres across these four oil and gas sites.
BHP acquired the assets previously during a major upturn in the oil markets. However, recently, the company has come under pressure from activist hedge fund Elliott Management Corp to auction off the declining assets, first revealed approximately a year ago.
The move would aid the London-based oil giant’s US business that it spun off as a separate division in 2015 in the aim of upping its competitive presence in North America.
Other companies interested in a potential deal for the assets include Royal Dutch Shell and Chevron, according to Reuters, citing sources familiar with the matter.