BHP to exit oil business, approves giant new potash mine

Chief executive officer Mike Henry (pic), who took over in January last year, is pivoting toward what BHP calls “future facing” commodities – metals and minerals vital to global efforts to reduce emissions, electrify cities and feed a growing global population.

MONTREAL: BHP Group will merge its oil and gas operations with Woodside Petroleum Ltd as the biggest miner positions itself for a global shift away from fossil fuels and prepares to plow US$5.7bil (RM24.16bil) into a massive new fertiliser mine in Canada.

After the deal, BHP shareholders will own about 48% of Woodside, the miner said in a statement yesterday. The company also announced it would eradicate its dual-listing structure and move to a single primary listing in Australia.