Philippines Falls Victim to BHP Billiton's Portfolio Cuts

摘要

Barely a month after relinquishing stakes in almost all its oil and gas exploration blocks in India, Australia-based mining and energy giant BHP Billiton is pulling out of the Philippines as it continues to rationalize its petroleum portfolio (IOD Oct.22'13). BHP "has been reassessing its global portfolio of assets in line with new leadership announced earlier this year with the aim of simplification and a sharper strategic focus," a company spokeswoman told International Oil Daily by email. "We have determined as part of this process that our exploration program in the Philippines is not a strategic fit."