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Mining powerhouse competes for share in world's 2nd largest oil field

09 Jul 2013

BHP Billiton reportedly wants a share in what could be the world’s second largest oil field, which lies in the South Midland section of the Permian Basin in Texas.

The mining powerhouse is said to be competing “vigorously” for a share in the 22,270,000 hectare multi-layered shale formation, where a predicted 50 billion barrels of oil could be recoverable.

BHP already holds about 178,000 hectares in the Permian, and Hoxie Smith, Director of the Petroleum Professional Development Centre of Midland College believes the company could find success in the area.

BHP isn’t the only Australian company digging for riches in the US, as Aurora Oil & Gas, Sundance Energy Australia and Red Fork Energy are all focused on producing oil and gas from US fields.