BHP expects oil production to grow 10%

BHP expects oil production to grow 10%

Global resources company BHP Billiton says it will probably do slightly better than ten per cent growth in oil production this year, but global oil supply is set to stay tight in the short term.

BHP Billiton’s president of petroleum, Mike Yeager, also said that no-one knew what would happen to oil prices, currently at record highs.

Mr Yeager told journalists that BHP was currently producing 400,000 barrels of oil per day.

He said production numbers would continue to improve as new projects were brought on line over the next few years.

“We’re pretty positive of a ten per cent compound annual growth rate on our oil and gas volumes for the next four to five years,” he said.

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