BHP Group Ltd is in talks to sell its petroleum business to Australia’s top independent gas producer Woodside Petroleum Ltd in exchange for shares, the companies confirmed on Monday, August 16.

The world’s biggest miner also said it had begun a strategic review of its oil and gas business — made up of assets in Australia, the Gulf of Mexico, Trinidad and Tobago, and Algeria – that analysts value at between $10 billion and $17 billion.

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