This group brings together those who are interested in topics around oil and gas exploration, drilling, refining, and processing.

Tariq Siddiqui's picture
COO Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Wind -  Proven leader in offshore development and operations, with 25+ years’ expertise in managing business through cycles...

  • Member since 2021
  • 123 items added with 81,873 views
  • Aug 17, 2021
  • 925 views

Australia’s Woodside Petroleum is set to acquire BHP’s entire petroleum business via an all-stock merger that will create a company with a combined market capitalization of up to A$41 billion (US$29.9 billion)

WHATS HAPPENING

  1. News of the merger immediately sparked protests from climate activists.
  2. The combined business will have a conventional asset base producing ~ 200 million barrels of oil equivalent per year 
  3. BHP claiming  it will make it a global top 10 independent energy company.
  4. The business will diversified production mix (46% LNG, 29% oil & condensate and 25% domestic gas and liquids)
  5. It will also hold proven plus probable reserves totalling more than 2 billion boe, comprising 59% gas and 41% liquids. 

WHAT CLIMATE ACTIVIST ARE SAYING

  1. "Rather than take responsibility for the highly polluting petroleum business sites BHP has built, this is a cynical attempt to simply walk away." 
  2. “Ultimately, Woodside is  taking on a burden that BHP has decided is too toxic to touch."

BOTTOMLINE

The companies that don't want tainted high emission assets are simply downloading toxic assets to parties that maybe below the climate activist radar. This divestment will reduce BHP's carbon footprint significantly (greenwashing??) without actually reducing the real emissions. Private Equity and smaller companies below the climate radar are more than happy to continue production as long as its profitable.  This not the climate friendly option, and continues to damage the climate.

Tariq Siddiqui's picture
Thank Tariq for the Post!
Energy Central contributors share their experience and insights for the benefit of other Members (like you). Please show them your appreciation by leaving a comment, 'liking' this post, or following this Member.
More posts from this member
Discussions
Spell checking: Press the CTRL or COMMAND key then click on the underlined misspelled word.

No discussions yet. Start a discussion below.

Get Published - Build a Following

The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.

If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.

                 Learn more about posting on Energy Central »