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BHP, Woodside Approve $12 Billion Project With Merger Pact

  • Top miner confirms combination of oil and gas assets
  • Final investment decision made on Scarborough gas project
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BHP Group and Woodside Petroleum Ltd. approved investment in a $12 billion Australian gas project as the companies also confirmed details of a merger to combine their energy assets.

BHP agreed in August to merge its oil and gas business with Woodside to create a top 10 global energy producer. The deal, which is expected create synergies of over $400 million, is slated to be completed in the second quarter of 2022, pending shareholder approval, the Melbourne-based company said in a statement Monday.