The progress of Woodside Petroleum Ltd’s acquisition of the BHP Group was among the topics discussed when Energy Minister Stuart Young met with a team of BHP executives yesterday.
According to a release from the Energy Ministry, Young, and acting permanent secretaries Penelope Bradshaw-Niles and Sandra Fraser met with BHP executives at the Ministry of Energy and Energy Industries’ International Waterfront Complex Office yesterday.
The BHP team included Graham Salmond, vice president North America and the Caribbean, BHP Petroleum; Dr Sonia Scarselli, vice president, Exploration and Appraisal, BHP Petroleum; Michael Stone, country manager of BHP T&T and Dr Carla Noel-Mendez, manager, corporate affairs of BHP Trinidad and Tobago.
“The purpose of this meeting was to provide Minister Young with an update on BHP’s business operations as it relates to pursuing integrated oil and gas development in T&T,” the Energy Ministry release stated.
Young welcomed the BHP executives to T&T and thanked them for their continued partnership.
“Discussions opened with the success of the Ruby Project and the implementation of production ahead of schedule despite navigating the COVID-19 pandemic,” the release stated.
“BHP provided updates on the Ruby field and the adjacent Block 2C concerning the ongoing work being done and production. The parties also discussed the progress of the BHP Woodside acquisition, a matter that Minister Young has been monitoring closely as he continues to advocate for continued investment and interest in our country,” it stated.
BHP has been operating in T&T for 25 years and both parties agreed to continue to work together as they look forward to the advancement of these projects and sustainably growing business in the country.
In August Woodside and BHP announced that they had entered into a merger commitment deed to combine their respective oil and gas portfolios by an all-stock merger to create a global top 10 independent energy company by production.
On completion of the Transaction, BHP’s oil and gas business would merge with Woodside, and Woodside would issue new shares to be distributed to BHP shareholders.
The expanded Woodside would be owned 52 per cent by existing Woodside shareholders and 48 per cent by existing BHP shareholders. The Transaction is subject to confirmatory due diligence, negotiation and execution of full form transaction documents, and satisfaction of conditions precedent including shareholder, regulatory and other approvals.
With the combination of two high quality asset portfolios, the proposed merger would create the largest energy company listed on the ASX, with a global top 10 position in the LNG industry by production.
The combined company will have a high margin oil portfolio, long life LNG assets and the financial resilience to help supply the energy needed for global growth and development over the energy transition.