SYDNEY— BHP Group Ltd. , the world’s largest mining firm, stated it’s contemplating the sale of its petroleum enterprise, a transfer that would scale back its publicity to fossil fuels amid rising stress from buyers and governments for assets firms to chop emissions.
BHP stated it’s in talks with Australian oil-and-natural-gas firm Woodside Petroleum Ltd. on a possible deal to mix BHP’s petroleum unit with Woodside.
BHP can also be assessing different choices for the division as a part of a strategic assessment, the corporate stated, with out elaborating.
Analysts estimate the petroleum enterprise has a price of at the least $15 billion, and a deal is being explored whereas BHP individually hunts for a purchaser for its thermal-coal mining enterprise.
Promoting the petroleum enterprise would result in BHP specializing in mined commodities, which embody iron ore, metallurgical coal, copper, nickel and probably potash if it proceeds with a big Canadian venture. Of those commodities, iron ore accounts for the most important share of BHP’s earnings.