Energy firm faces increasing pressure from activists, investors and governments
Picture: GETTY IMAGES/CHRISTOPHER FURLONG
Having missed opportunities to sell thermal coal assets at higher prices, “BHP should know it’s better to exit petroleum sooner rather than later”, Kavonic said. “BHP confirms that we have initiated a strategic review of our petroleum business to reassess its position and long-term strategic fit,” the company said.While talks with Woodside “are now progressing, no agreement has been reached on any such transaction”, it said.
A deal that would see investors take on Woodside shares risks undercutting BHP’s climate pledge, according to campaigner Will van de Pol.“They are increasingly understanding what that means, and it means no expansion of the oil & gas sector. So for investors to be lumped with shares in a company that is trying to expand its oil and gas production, I don’t think it’s going to sit that well.”
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