SYDNEY, June 27 (Reuters) - Australian mining giant BHP Billiton (LON:BLT) BHP.AX said on Monday it will spend $900 million, or 18 percent of its capital budget, in exploration next financial year.
Petroleum exploration will focus on deepwater basins in the Gulf of Mexico, the Caribbean and the Northern Beagle basin, off the coast of Western Australia, the company's head of geoscience, Laura Tyler, said. Copper exploration is targeting greenfield deposits in Chile, Peru, the United States, Canada and South Australia.
BHP last week announced it would cut costs by 16 percent in the coming year, and boost coal output by 8 percent in the three years to June 2018.