Mining behemoth BHP Billiton (ASX: BHP) has joined the hunt for Texas oil, competing “vigorously” for a share of the “22,270,000 hectare multi-layered shale formation, where it is predicted that over 50 billion barrels of oil could be recoverable,” Ryan Newman reported for the Motley Fool Tuesday.
The shale formation is in the South Midland section of the Permian Basin.
BHP is looking to expand upon its current holding of 178,000 hectares of land in the Permian and Delaware basins, competing with other Australian companies for Texas ‘tea’: Aurora Oil & Gas (ASX: AUT), Sundance Energy Australia (ASX: SEA) and Red Fork Energy(ASX: RFE) are also looking to expand oil and gas production in the Unites States.
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