BHP To Chase Green
Image Credit: BHP
Australia’s BHP is reportedly mulling the exit of its oil and gas, worth around USD 15 billion, to win the green race.
The world’s top producer of major commodities including iron ore, copper, petroleum and coal wants to get out of fossil fuels as the world locks-in on climate change.
“With rising ESG pressures facing the industry, but also as this business potentially enters into a re-investment phase, we can see why management might be contemplating an exit,” RBC Capital Markets analyst Tyler Broda told Bloomberg.
BHP has owned oil and gas assets since the 1960s with operating assets in the Gulf of Mexico and Australia.
The company is dual-listed in Australia and the US.