U.S. oil field development extends into 2018 on the back of increased spending, but total petroleum production falters on field maturation, BHP Billiton said. Onshore U.S. production for the Australian energy and mining giant is expected to decline because the development of new activity won’t be enough to offset natural decline from existing assets. Nevertheless, CEO Andrew Mackenzie was bullish about the potential for offshore work and onshore exploration and production. “The recently approved Mad Dog phase 2 project will extend low-risk oil volumes as supply tightens while in the near-term, onshore U.S. development activity is to increase with up to 10 rigs planned for the 2018 financial year,” he said in a statement . The […]