The world’s largest mining group BHP reported that its total crude oil, condensate, NGLs, and natural gas output fell 8.8% year-on-year (YoY) to 290,000 boepd in the July-September quarter. According to the company, the lower production reflects natural field decline across its upstream operations in Australia, the US Gulf of Mexico, and Trinidad and Tobago. In July, BHP estimated production to fall from 298,000 boepd in 2019-2020 to 260,000-279,000 boepd in 2020-2021.
BHP owns a 68.46% interest in the Ruby oil project in Trinidad and Tobago. The tie-in activity for the project is expected to be reflected in output for this quarter. The Hurricane Delta also impacted the company’s operations in the Gulf of Mexico. BHP said that an above-average hurricane season in the region might affect production further. The company holds a 23.9% stake in the Mad Dog Phase 2 oil project in the US Gulf of Mexico, which was 80% complete in late September.
