[Peakoil] ABC News: BHP Billiton cuts oil rigs in the US

[Antony Broughton Barry]

National: BHP Billiton cuts oil rigs in the US

The world's biggest diversified resources company is cutting the number of drilling rigs in operation in the United States because of the falling price of oil.

BHP Billiton said it will reduce the number of rigs at its shale drilling operations by approximately 40 per cent by the middle of the year.

The price of oil has fallen by half over the past six months to a six-year low below $US47 a barrel because of oversupply and slowing global growth.

BHP Billiton chief executive, Andrew Mackenzie, said the move was in response to those lower oil prices.

"The revised drilling program will benefit from significant improvements in drilling and completions efficiency," he said.

BHP Billiton will cut the numbers of rigs in use at its onshore US shal...

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