Woodside Confirms Talks to Buy BHP Assets

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Woodside Petroleum has confirmed Australian media reports that it is in talks with BHP to acquire the latter's entire petroleum business. A brief statement issued by Woodside said that if a deal is agreed, it would pay for the business by issuing Woodside shares to BHP shareholders. BHP would then become a pure-play mining and minerals company. • A merger would create an oil, gas and LNG company with production of more than 500,000 barrels of oil equivalent per day, based on the two companies' output in the first six months of this year. • It would also increase Woodside's interest in the North West Shelf and Scarborough-to-Pluto LNG projects, both located in Australia. • More details about the potential transaction are expected to be shared by BHP and Woodside during earnings calls later this week. • The news comes amid plans by another Australian oil, gas and LNG producer, Santos, to acquire Oil Search, in a move which would create a company with production of around 320,000 boe/d (IOD Aug.2'21). Doubling Output

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