BHP secures exploration license for two oil blocks off eastern Canada

The world's biggest miner BHP said on Thursday it secured a full participating interest in and operatorship of two exploration licences for oil assets in offshore Eastern Canada.

BHP said in a statement the bid price of $625 million covers the drilling and seismic work required by the project over a six year term.

It added that its initial planned capital expenditure on the exploration work programs for the oil blocks is $140 million up to fiscal 2021.

(By Rushil Dutta)