Giant global resource firm BHP Billiton Ltd is aiming to sustain the remarkable growth seen on its petroleum division over the past year and prowling the market for possible acquisition target is its way of further ramping up production outlook for some years ahead.

According to BHP Billiton petroleum chief executive Mike Yeager, production growth until 2015 should be moderate and could average an estimated 160 million barrels of oil and to skyrocket that numbers, the company seriously considers purchasing energy players operating in the US market, with up to 20 independent players as likely targets.

A report by the London newspaper, The Daily Mail, had indicated that BHP is bent on including Anadarko Petroleum on its cluster of oil companies and floated a $US45 billion takeover proposal for the explorer.

That bid proves much of a premium as it carries a per share offer of $90 as against to Anadarko's last share market value of more than $76 and if talks proved unsuccessful, BHP Billiton is all ready to train its attention on other companies, which should be most preferably operating on the Gulf of Mexico.

That now famous oil-rich water territory got its share of the limelight in April 2010 when British Petroleum's Deepwater Horizon rig suffered an oil spill that resulted to some $20 billion worth of environmental clean up bill.

Noteworthy of that fact is Anadarko's exposure on that staggering amount of liability, which analysts said could be a major hitch on BHP's intention to buy the oil explorer.

However, Anadarko is not the end of the road for BHP in the US market as analysts pointed to Noble Energy and Cobalt International Energy as viable alternatives, which may not be of the same magnitude of BHP's original target but are well-suited to the giant resource firm's strategic operational blueprint in the Gulf of Mexico.

The two companies hold a combined value of up to $US20 billion as of the latest accounting, which is more than an eye-candy for BHP Billion, with Noble alone brandishing huge new discoveries and a projected cash flow that could easily exceed the $1 billion mark over the next four years.

Also, the two acquisition targets, when realised could add up more strategic resource locations for BHP Billiton, specifically in Angola, Brazil, Gabon and Israel and should amply complement BHP's accelerated goals for its petroleum division, which is highlighted by the immediate operational resumptions of its two oil platforms in the Gulf of Mexico - namely the Neptune and Shenzi - when the drilling moratorium in the area was finally lifted.