BHP seen approaching M&A 'sweet spot' in hunt for deals

Melbourne

BHP Billiton Ltd is snapping up oil exploration prospects from the US to Australia and flagged last week it's seeking to make further similar investments. There's speculation it'll also step up to target deals for operating wells and mines.

With signs the commodity rout may be bottoming, conventional petroleum and copper assets are probably of most interest to the world's biggest miner, according to Sanford C Bernstein & Co and Fat Prophets.

BHP chief executive officer Andrew Mackenzie said in August the company would look at the possibility of acquisitions, though wouldn't o…