BHP and Woodside to merge oil and gas assets

The deal will create a significant player in the LNG market

Australian firms BHP Group and Woodside will combine their oil and gas assets into a new, expanded Woodside that will—they say—be among the world’s top-ten largest LNG producers. The deal will also see BHP Group exit the oil and gas sector. The expanded Woodside will be 52pc owned by its existing shareholders, with the remaining 48pc held by current BHP shareholders. The deal is backed by the boards of both companies but is still subject to regulatory and shareholder approval and is expected to be completed in the second quarter of 2022. The planned merger will form “the largest energy company listed on the ASX...[with] a high-margin oil portfolio, long-life LNG assets and the financial resi