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Business deals

BHP moves to shed oil and gas for nickel, tapping into EV demand

Company sets sights on 'forward-facing' metal in decarbonization drive

A BHP-invested oil field in the Gulf of Mexico: The company says it is considering a potential merger of its petroleum business with Woodside Petroleum. (Photo courtesy of BHP)

SYDNEY -- Anglo-Australian BHP Group on Monday revealed it is in talks to sell its petroleum business in a deal potentially worth 20 billion Australian dollars ($14.7 billion) as the global push toward decarbonization spreads to the traditionally carbon-intensive commodities sector.

"BHP confirms that we have initiated a strategic review of our petroleum business to reassess its position and long-term strategic fit in the BHP portfolio," the company said in a release.

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