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The companies confirmed on Monday that BHP Billiton Group was in talks to sell its oil business to Woodside Petroleum, Australia's largest independent gas producer, in exchange for a stake
.
BHP Billiton, the world's largest mining company, also said it has begun a strategic review of its operations — made up of assets in Australia, the Gulf of Mexico, Trinidad and Tobago and Algeria — valued at between
$10 billion and $17 billion.
BHP Billiton has been under pressure
to detail how and when it will phase out fossil fuels.
The mining company is widely expected to make judgments
about the future of its oil business ahead of its results this week.
"While discussions between the two sides are currently progressing, no agreement has yet been reached on any such deal," BHP Billiton said, adding that it was evaluating multiple options
.
In a separate statement, Woodside confirmed that it was in talks with BHP Billiton about the deal and said discussions were
ongoing.
The companies confirmed on Monday that BHP Billiton Group was in talks to sell its oil business to Woodside Petroleum, Australia's largest independent gas producer, in exchange for a stake
.
BHP Billiton, the world's largest mining company, also said it has begun a strategic review of its operations — made up of assets in Australia, the Gulf of Mexico, Trinidad and Tobago and Algeria — valued at between
$10 billion and $17 billion.
BHP Billiton has been under pressure
to detail how and when it will phase out fossil fuels.
The mining company is widely expected to make judgments
about the future of its oil business ahead of its results this week.
"While discussions between the two sides are currently progressing, no agreement has yet been reached on any such deal," BHP Billiton said, adding that it was evaluating multiple options
.
In a separate statement, Woodside confirmed that it was in talks with BHP Billiton about the deal and said discussions were
ongoing.
