BHP Billiton has agreed to buy shale gas interests from Chesapeake Energy Corp for $4.75 billion in its first move into shale gas, as the global mining giant looks to beef up its oil and gas business. In BHP's first big purchase since failing on three mega-deals in the last three years, the global miner said it was buying Chesapeake's holdings in Arkansas' Fayetteville shale natural gas field, getting a huge foot in the door of the world's largest gas market. "BHP have had (three) multi-billion deals which have tipped over so the market should be pleased that this is one that is going to go through and it is a change of direction in terms of looking at their petroleum division," said Ric Ronge, portfolio manager at Pengana Capital.
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