BP heads into US shale oil and gas by buying BHP’s assets – up for sale nearly a year – for $10.5bn

Beating Shell and Chevron to the 4.5 billion barrels of oil-equivalent resources, BP CEO Bob Dudley calls it a “transformational acquisition.”

On 29th June 2017, after BHP’s $13bn of writedowns of shale assets, Chairman Jacques Nasser described their 2011 $20bn US shale investment as “a mistake.” “If we knew (in 2011) what we knew today, we wouldn’t do it, of course we wouldn’t do it.”

Image: Crude Oil Peak