Posted by OilVoice Press - OilVoice
BHP OPERATIONAL REVIEW
FOR THE QUARTER ENDED 30 SEPTEMBER 2018
Full year production guidance remains unchanged for petroleum, iron ore, metallurgical coal and energy coal. Total copper production guidance reduced by approximately 3% to between 1,620 and 1,705 kt reflecting lower volumes now expected at Spence (electro-winning plant outage) and Olympic Dam (acid plant outage).
Unit cost guidance(2) maintained for all major assets for the 2019 financial year.
All major projects under development are tracking to plan.
In Petroleum, the Victoria-1 and Bongos-2 exploration wells in Trinidad and Tobago, and the Samurai-2 well in the US Gulf of Mexico, encountered hydrocarbons. A sidetrack of the Samurai-2 well is currently being drilling to further appraise the discovery.
Onshore US sale process is on track to be completed by the end of October 2018, with the Fayetteville transaction completed on 29 September 2018. The net proceeds from the sale of our Onshore US assets are expected to be returned to shareholders.
BHP Chief Executive Officer, Andrew Mackenzie, said: “We delivered a two per cent increase in copper equivalent production despite maintenance at a number of our operations. We are on track to meet guidance for the 2019 financial year across our commodities, except copper where we have reduced production guidance slightly following outages at Olympic Dam in Australia and Spence in Chile. In petroleum, we have extended our exploration success and encountered hydrocarbons in three wells. The Onshore US sale process is progressing to plan and is expected to be completed by the end of October 2018.”
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