BHP Billiton says it will focus on oil and gas in Western Australia and potash in Canada as it cools off other expansions in Australia.
In new company documents BHP said it had made another large gas find in the Carnarvon Basin off WA which proved the region had huge potential.
The company said the find was its largest in 2012 and added to significant gas projects already underway in WA.
BHP also said it would turn its focus to the Jansen potash project in Canada, a mega-project which it says has an "attractive" market outlook.
While putting huge expansions in Australia on hold, including the Olympic Dam project and developments at Port Hedland, BHP said it was "well placed to meet growing potash demand" for the future.
With the market outlook for the coal, iron ore, and other base metals looking increasingly uncertain some analysts have tipped BHP will invest in Canada's potash before other developments in Australia.