BHP oil and gas exploration summary

At the time of writing, Woodside had confirmed that it had entered into a binding deal to acquire BHP Petroleum. It will create the largest Australia-listed E&P, with a combined market capitalisation of around US$30 billion, surpassing that of the combined local rival Santos and Oil Search. The deal creates a new international 'super independent' which is well equipped to deal with the uncertainty and upheaval of the next few decades. For BHP, the merger is transformation, diversifying away its deepwater oil operations. Adding Woodside’s long-life LNG assets creates a much bigger, and more balanced, business. Exposure to long-term LNG cashflows, with strong demand forecast, and supports customers decarbonisation goals.