BHP in talks to sell petroleum business to Australia's Woodside
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[BENGALURU] BHP Group is in talks to sell its petroleum business to Australia's top independent gas producer Woodside Petroleum in exchange for shares, the companies confirmed on Monday.
The world's biggest miner BHP also said it had begun a strategic review of the business - made up of assets in Australia, the Gulf of Mexico, Trinidad and Tobago, and Algeria - that analysts value at between US$10 billion and US$17 billion.
BHP has been facing calls to detail how and when it will exit fossil fuels, with activist investor Market Forces filing a resolution on the topic this week for annual meetings in October and November.
The miner was widely expected to deliver a verdict on the future of the petroleum business ahead of its results this week.
"While discussions between the parties are currently progressing, no agreement has been reached on any such transaction," BHP said, adding that it was evaluating a number of options.
In a separate statement, Woodside confirmed talks with BHP over the deal and said discussions were ongoing.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
