BP plc (BP) Plans $9B+ Spending Initiative in Australia

BP plc (NYSE: BP) is planning a massive spending initiative in Australia as it looks to expand its filling station network and continue development of oil and gas ventures.

Bloomberg said Friday that BP will pile around $9.3 billion into Australia over the next decade. The company plans to open around a dozen filling stations within the next 12 months, while also looking to bolster its fleet via acquisitions.

While BP is scaling-back its refining business in Australia, it does plan to spend around A$1 billion on deepwater drilling off the southern coast of the continent-country. BP owns around 330 of 1,300 branded operations in Australia and has plans to close the Bulwer Island refinery by the middle of next year.

Competitors in Ausatralia for BP include Trafigura Beheer BV and and Vitol Group.

Shares of BP are indicated lower Friday morning.

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