新しいページ 1

2021/8/17 

BHPが石油・ガス事業から脱却−上場先はオーストラリアに一本化

 
鉱業最大手の英豪系BHPグループは8月17日、石油・ガス事業を豪 Woodside Petroleumに売却すると発表した。20年前の合併によるBHP誕生以来の全面的な事業変革となる。同社は化石燃料から脱却し、「未来に目を向けた」商品へのシフトを目指している。

BHPは、Woodsideが石油・ガス事業の取得と引き換えに発行する新株を株主に割り当てる。BHPはまた、カナダの炭酸カリウム鉱山計画への57億ドル(約6230億円)投資を承認した。
上場先については今後オーストラリアに一本化する。BHPはこれまで、英国にも上場していた。

ロイター通信によると、同部門の時価総額は185億豪ドル(約1兆5千億円)。

世界的な「脱炭素化」の流れをにらみ、本業である鉱業に経営資源を集中させる。

オーストラリアン・フィナンシャル・レビュー紙電子版によると、BHPはロンドン証券取引所への上場を廃止し、オーストラリア証券取引所に一本化する。

BHPの石油、天然ガス部門を巡っては、一部の株主から売却を求める声が強まっていた。(共同)

 

BHPは、「石油・ガス事業が長期的にBHPの資産構成にふさわしいものか再評価するため、戦略的な見直しに着手した」との声明を出した。「ウッドサイドの石油事業と(BHPの石油・ガス事業を)合併し、BHPの株主にウッドサイドの株式を割り当てる」方法が一つの選択肢だとしている。ウッドサイド側もBHPとの協議を認める声明を発表した。

 

一方で、強化するのがEVのリチウムイオン電池に使われるニッケルだ。BHPは7月22日、EV世界首位の米テスラにニッケルを供給することで合意したと発表した。供給量などは明らかにしていないが、BHPが豪西部で採掘、精製したニッケルをテスラ向けに出荷する。BHPのバンディタ・パント最高商務責任者(CCO)は「電池向けニッケルの需要は10年間で500%以上伸びると予測される」と強調した。

BHPグループは7月22日、テスラとニッケル供給契約を結んだと発表した。電池のサプライチェーン(供給網)における温室効果ガス排出を減らす取り組みでも協力する。

BHPは西オーストラリア州のニッケル・ウエスト・プロジェクトからテスラに供給を行う。同プロジェクトは、ニッケル地金より利益率が高いとされる硫酸ニッケルの生産を7─9月期に開始する。(BHPはかねてリチウムイオン電池の正極材に使う硫酸ニッケルの生産工場を西オーストラリア州に建設していた。関係者によると、近く顧客向けの生産が開始する見通し。)

両社はまた、ブロックチェーン(分散型台帳)を用いた原材料のトレース(追跡)や、エネルギー貯蔵のソリューションについても検討する。

-----------------

BHPは2020年6月19日、ロシア資源大手Norilsk Nickelから西オーストラリア州にあるニッケル鉱山を取得することで合意したと発表した。取得額は非公表。ニッケルは電気自動車(EV)のリチウムイオン電池などに利用され、需要拡大が見込まれる。

取得するのは「Honeymoon Well Nickel Project」などのニッケル鉱山。すでにBHPが50%を出資するニッケル鉱山開発のJV(共同企業体)の残りの株式もノリリスクの子会社であるMPIニッケルから買い取る。

BHP has agreed to acquire the Honeymoon Well Nickel Project comprising the Honeymoon Well development project and a 50 per cent interest in the Albion Downs North and Jericho exploration joint ventures from MPI Nickel Pty Ltd, a wholly owned subsidiary of Norilsk Nickel Australian Holdings BV.

BHP Nickel West is currently a 50 per cent shareholder in the Albion Downs North and Jericho Joint Ventures.

BHPはEV需要の増加を見込み、西オーストラリア州に硫酸ニッケルの生産工場を建設するなどニッケル事業を拡大している。同社のニッケル事業を統括するエディ・ヘーゲル氏は今回の合意を受け「我々の世界に誇るニッケル資源を強化する機会だ」と述べた。

BHPは2019年5月22日、今後の電気自動車(EV)電池の需要に対応するため、同社の中核事業である銅や石油に加え、硫酸ニッケル事業を拡大する意向を明らかにした。BHPのビーベン最高財務責任者(CFO)は戦略ブリーフィングで、探査か買収の形でニッケル事業の成長を図る可能性があると述べた。

BHPは今月、かつて売却を目指していた西オーストラリア州のNickel West事業について、保有し続けると発表した。

 

 

その直後の同月27日には、カナダでニッケル探査を手がけるNoront Resourcesに総額3億2500万カナダドル(約280億円)での買収を提案したことも発表するなど、矢継ぎ早に手を打っている。20年にはロシアの資源大手ノリリスク・ニッケルから西オーストラリア州でのニッケル事業も取得している。

BHP and Noront Resources Ltd.  today(2021/7/27) announced that they have entered into a definitive Support Agreement pursuant to which BHP Western Mining Resources International Pty Ltd , a wholly-owned subsidiary of BHP Lonsdale, will make a take-over bid to acquire all of the issued and outstanding common shares of Noront for C$0.55 per share in cash. BHP Lonsdale owns 3.7% of the Noront shares on a fully diluted basis. The total equity value of the transaction is C$325 million (based on 100% of the fully diluted shares outstanding). The members of the Board of Directors of Noront who voted on the matter unanimously recommend that Noront shareholders tender their shares to accept the Offer.

資源で競合する英豪リオティントは18年に石炭事業から撤退した。豪鉄鉱石大手のフォーテスキュー・メタルズ・グループも、クリーンエネルギーとして注目される水素の生産・輸出を23年にも検討している。

ーーー

豪州のWoodside Petroleumは2016年9月5日、BHP Billiton から豪州西部沖のScarborough ガス田などの権益の半分を4億ドルで取得すると発表した。
BHP Billiton がExxonMobil と共有しているガス田の25%分と、BHP Billiton が単独所有するガス田の50%を取得するもので、後者についてはOperator になる。

2016/9/9   豪州のWoodside Petroleum、BHP Billitonの豪のガス田権益を取得

BHP は2018年7月26日、米国のEagle Ford、Haynesville、Permian 及びFayetteville の陸上石油・ガス資産全てを合計108億ドルで売却する契約を締結した。

2018/7/31 BHP、米国の陸上石油・ガス資産全てを売却 

 

17 August 2021

Woodside and BHP to create a global energy company

Woodside Petroleum Ltd (“Woodside”) and BHP Group (“BHP”) have entered into a merger commitment deed to combine their respective oil and gas portfolios by an all-stock merger (the “Transaction”) 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.

Attractive strategic and financial rationale

The combination of Woodside and BHP’s oil and gas business is expected to deliver substantial value creation for both sets of shareholders from across a range of areas, including:

Woodside CEO and Managing Director Meg O’Neill said, “Merging Woodside with BHP’s oil and gas business delivers a stronger balance sheet, increased cash flow and enduring financial strength to fund planned developments in the near term and new energy sources into the future.

“The proven capabilities of both Woodside and BHP will deliver long-term value for shareholders through our geographically diverse and balanced portfolio of tier 1 operating assets and low-cost and low-carbon growth opportunities.

“The proposed transaction de-risks and supports Scarborough FID later this year and enables more flexible capital allocation. We will continue reducing carbon emissions from the combined portfolio towards Woodside’s ambition to be net zero by 2050.”

BHP CEO Mike Henry said, “The merger of our petroleum assets with Woodside will create an organisation with the scale, capability and expertise to meet global demand for key oil and gas resources the world will need over the energy transition.

“Bringing the BHP and Woodside assets together will provide choice for BHP shareholders, unlock synergies in how these assets are managed and allow capital to be deployed to the highest quality opportunities. The merger will also enable the skills, talent and technology of both organisations to build a resilient future as the world’s needs evolve.”

Greater scale and diversity of geographies, products and end markets to create a long-life conventional portfolio

This Transaction delivers significant benefits for both Woodside and BHP shareholders by creating a long-life conventional portfolio of scale and diversity of geography, product and end markets.

On a proforma basis, the combined business will consist of:

Resilient operating cash flows to fund shareholder returns and business evolution to support the energy transition

Significant operating cash flow will support continued strong returns to shareholders over time. Woodside will maintain its focus on disciplined growth investment and continued dividends. It is expected that Australian shareholders will benefit from the distribution of Woodside’s significant franking credit balance.

Strong growth profile with a plan to achieve targeted Scarborough FID in 2021 and capacity to phase high-return options

The Transaction will deliver expanded growth optionality for shareholders with the flexibility to phase and selectively progress near and longer term high-return options.

Woodside and BHP have developed a plan to targeted final investment decision (FID) for Scarborough (Australia) by the end of the 2021 calendar year, prior to the proposed completion date for the merger.

As part of this plan, Woodside and BHP have agreed an option for BHP to sell its 26.5 per cent interest in the Scarborough Joint Venture to Woodside and its 50 per cent interest in the Thebe and Jupiter joint ventures to Woodside if the Scarborough Joint Venture takes a FID by 15 December 2021. The option is exercisable by BHP in the second half of the 2022 calendar year and if exercised, consideration of US$1 billion is payable to BHP with adjustment from an effective date of 1 July 2021. An additional US$100 million is payable contingent upon a future FID for a Thebe development.

The Atlantis Phase 3 (US), Mad Dog Phase 2 (US), Shenzi North (US) and Sangomar Field Development Phase 1 (Senegal) projects remain on budget and on track, and along with significant brownfield expansion options, provide opportunity for near- and medium-term growth.

Longer term embedded options include the Wildling (US), Trion (Mexico), Calypso (Trinidad and Tobago) and Browse (Australia) projects. These options offer significant potential growth coupled with multiple exploration opportunities and partnerships.

Proven management and technical capability from both companies

The combined business will benefit from the joint management and technical petroleum expertise of both companies, led by Meg O’Neill as the CEO and Managing Director. Leading HSE performance, LNG production and marketing, deepwater oil development and production, exploration success, and international experience will come together to create a differentiated set of capabilities. These capabilities are further supplemented through investments in technology and low carbon solutions, and strong governance systems. In addition, it is intended that the Woodside Board will appoint a current BHP director as a Woodside director on completion.

Shared values and focus on sustainable operations, carbon management and ESG leadership

The combined business will continue to have an unrelenting focus on safe, sustainable and reliable operations, building on Woodside’s and BHP’s strong track records.

It will build on Woodside’s existing targets to reduce net emissions by 15 per cent and 30 per cent by 2025 and 2030 respectively, on the pathway to its ambition of net zero by 2050, applying these to the combined portfolio. Progress will be reported on both an operated and non-operated equity emissions basis.

In support of the goals of the Paris Climate Agreement, and to contribute to the energy transition, the combined business will focus on building and maintaining a high return and carbon-resilient portfolio which includes natural gas and new energy technologies.

The combined business is expected to generate significant cash flow this decade to support the development of new energy products and low carbon solutions including hydrogen, ammonia and carbon capture and storage (CCS).

Synergies and benefits

This merger of highly complementary asset portfolios is expected to unlock material synergies.

Woodside and BHP have estimated annual synergies to be in excess of US$400 million per annum (100 per cent basis, pre-tax).

These synergies are anticipated to come from:

Greater financial resilience, relative to Woodside and BHP’s standalone petroleum business

On completion of the Transaction, the combined business’ balance sheet will be strengthened by the resilience the merged portfolio delivers through the cycle. On a proforma basis (12 months to 30 June 2021), the combined business will have:

Merger mechanics

Under the proposed transaction, Woodside, or a wholly owned subsidiary of Woodside, will acquire 100 per cent of the issued share capital of BHP Petroleum International Pty Ltd in exchange for shares in Woodside which will deliver 48 per cent to BHP shareholders on completion. Woodside shares will be immediately distributed to BHP shareholders. Woodside will remain listed on the ASX with listings on additional exchanges being considered.

Both the Woodside and BHP boards of directors confirm their support for the Transaction. The merger is expected to be completed in the second quarter of the 2022 calendar year with an effective date of 1 July 2021.

The Transaction is subject to confirmatory due diligence, negotiation and execution of full form transaction documents which is targeted for October 2021, and satisfaction of conditions precedent including shareholder, regulatory and other approvals. Under the merger commitment deed, each party has agreed to pursue a merger transaction and agreed to certain exclusivity arrangements and to each pay a reimbursement fee of approximately US$160 million in certain circumstances.

Woodside’s financial advisers are Gresham Advisory Partners Limited and Morgan Stanley Australia Limited, and its legal advisers are King & Wood Mallesons and Vinson & Elkins LLP.

BHP’s financial advisers are J.P. Morgan, Barclays and Goldman Sachs and its lead legal adviser is Herbert Smith Freehills.

About BHP

BHP is the world’s largest diversified natural resources company by market capitalisation with over 80,000 employees and contractors, primarily in Australia and the Americas. BHP’s products are sold worldwide and it is among the world’s top producers of major commodities, including iron ore, copper, nickel and metallurgical coal.

BHP pioneered the development of an oil and gas industry in Australia with the Bass Strait discovery in 1965. The BHP petroleum business now has conventional oil and gas assets in the US Gulf of Mexico, Australia, Trinidad and Tobago, and Algeria, and appraisal and exploration options in Mexico, Trinidad and Tobago, western US Gulf of Mexico, Eastern Canada, and Barbados.

The crude oil and condensate, gas and natural gas liquids (NGLs) produced by BHP’s petroleum assets are sold on the international spot market or domestic market. The total gross asset value of the BHP petroleum business as at 30 June 2021 was US$15.4 billion, it contributed US$3.9 billion to BHP group revenue and it generated EBITDA of US$2.3 billion for the year ended 30 June 2021.

About Woodside

Woodside led the development of the LNG industry in Australia and is applying this same pioneering spirit to solving future energy challenges. With a focused portfolio, Woodside is recognised for its world-class capabilities as an integrated upstream supplier of energy. As Australia’s leading LNG operator, Woodside operated 6% of global LNG supply in 2020. Woodside’s proven track record and distinctive capabilities are underpinned by more than 65 years of experience, making Woodside a partner of choice. Disclaimer and important notice

Disclaimer and important notice

This announcement is subject to:

ーーーーーーーーーーーーーーーーーーーーーーーーーーーー

BHP has today approved US$5.7 billion (C$7.5 billion) in capital expenditure for the  Jansen Stage 1 (Jansen S1) potash project in the province of Saskatchewan, Canada.

カナダサスカチュワン州のジャンセンJansenカリウム肥料プロジェクトである。ジャンセンには既に10年間で42億ドルが鉱山と製造設備に投資された。しかし未だ操業計画の最初の出荷予定など詳細が公表されていない。

カリウム肥料のプロジェクトは10年前に遡り、カナダのカリウム肥料会社の買収に失敗した事が契機で、BHPは代わりにカナダで独自の鉱山開発に乗り出した。

ジャンセンプロジェクトから生産される、カリウム肥料は世界中のカリウム肥料の実に15%を占める一大生産企業に躍り出る規模である。

BHP Chief Executive Officer, Mike Henry, said Jansen is aligned with BHP’s strategy of growing our exposure to future facing commodities in world class assets, which are large, low cost and expandable.

“This is an important milestone for BHP and an investment in a new commodity that we believe will create value for shareholders for generations,” Mr Henry said. Jansen is located in the world’s best potash basin and is expected to operate up to 100 years. Potash provides BHP with increased leverage to key global mega-trends, including rising population, changing diets, decarbonisation and improving environmental stewardship.

“In addition to its merits as a stand-alone project, Jansen also brings with it a series of high returning growth options in an attractive investment jurisdiction. In developing the Jansen project, BHP has had ongoing positive engagement and collaboration with First Nations and local communities, and with the provincial and federal governments. Jansen is designed with a focus on sustainability, including being designed for low GHG emissions and low water consumption.” Mr Henry added.

Jansen S1 is expected to produce approximately 4.35 million tonnes of potash per annum (footnote 1), and has a basin position with the potential for further expansions (subject to studies and approvals). First ore is targeted in the 2027 calendar year, with construction expected to take approximately six years, followed by a ramp up period of two years.

Jansen S1 includes the design, engineering and construction of an underground potash mine and surface infrastructure including a processing facility, a product storage building, and a continuous automated rail loading system. Jansen S1 product will be shipped to export markets through Westshore, in Delta, British Columbia and the project includes funding for the required port infrastructure.

We anticipate that demand growth will progressively absorb the excess capacity currently present in the industry, with opportunity for new supply expected by the late 2020s or early 2030s. That is broadly aligned with the expected timing of first production from Jansen. Beyond the 2020s, the industry’s long run trend prices are expected to be determined by Canadian greenfield solution mines. In addition to consuming more energy and water than conventional mines like Jansen, solution mines tend to have higher operating costs and higher sustaining capital requirements.

At consensus prices (footnote 2), the go-forward investment on Jansen is expected to generate an internal rate of return of 12 to 14 per cent, an expected payback period of seven years from first production and an underlying EBITDA margin of approximately 70 per cent given its expected first quartile cost position.

We have previously acknowledged the US$4.5 billion (pre-tax) of capital invested to date has resulted in a significant initial outlay and that our approach would be different if considering the project again today. The investment to date includes construction of the shafts and associated infrastructure (US$2.97 billion (footnote 3) scope of work), as well as engineering and procurement activities, and preparation works related to Jansen S1 underground infrastructure. The construction of two shafts and associated infrastructure at the site is 93 per cent complete and expected to be completed in the 2022 calendar year. To date approximately 50 per cent of all engineering required for Jansen S1 has been completed, significantly de-risking the project. If the investment to date were to be included, the full cycle project would yield a much lower internal rate of return.

As part of our 2021 financial results, we have assessed the carrying value of the existing Potash asset base as at 30 June 2021 and have recognised a pre-tax impairment charge of US$1.3 billion (US$2.1 billion after tax). The impairment charge against our Potash assets reflects an analysis of recent market perspectives and the value that we would now expect a market participant to attribute to our investments to date. 

Footnotes

1. The Jansen S1 project will convert approximately 20% of the 5.23 billion tonnes Measured and Indicated Mineral Resources into Ore Reserve (see Appendix 1).

2. Price assumptions reflect average of CRU and Argus prices. Average 2027–2037: US$341/t CRU and US$292/t Argus. IRR = Expected Jansen Stage 1 IRR across approximately 100 year mine life. Jansen Stage 1 IRR is post[1]tax, nominal and reflects the range of the average CRU and Argus prices, and excludes expenditure on shafts and essential services consistent with previous disclosure.

3. The US$2.97 billion current scope of work for Jansen is part of approximately US$4.5 billion that has been invested on the project since 2008 ahead of the sanction decision on Jansen Stage 1. Approximately US$220 million of the US$2.97 billion approved for the current scope of work, expected to be completed in the 2022 calendar year, is not yet spent. Sustaining capital for Jansen Stage 1 is expected to be approximately US$15/t (real) long term average +/- 20% in any given year.