BHP PLANS $3.7 BILLION IN 1990S UPSTREAM OUTLAYS
BHP Petroleum Pty. Ltd. (BHPP) plans to spend $3.7 billion (Australian) on oil and gas projects the next 7 years. The Melbourne company's spending plans for the rest of the decade are a means to move away from dependence on oil production from Australia's Bass Strait. BHPP and operator Esso Australia Resources Ltd. hold 5050 interests in a number of Bass Strait oil fields, which account for most of BHPP's worldwide production.