According to people familiar with the matter,BHP BillitonThe group is considering leaving the oil and gas business, involving multi-billion dollar deals, which will speed up the company's exit from the fossil fuel industry.

According to people familiar with the matter, the world's largest mining company is evaluating its oil business and considering options including sales. Since the negotiations were not made public, people familiar with the matter requested anonymity. One person familiar with the matter said that the business is expected to make a profit of more than 2 billion US dollars this year, and its valuation may reach 15 billion US dollars or more.

BHP Billiton's oil and gas assets set it apart from the world's largest mining companies. The company has always stated that the business is one of its strategic pillars, but has faced pressure from investors such as Elliott Investment Management to exit. At the same time, unlike competitors of other large oil companies, BHP Billiton does not rely on profits from the energy business. In contrast, its iron ore and copper businesses are much more profitable.

People familiar with the matter said that discussions are still at an early stage and no final decision has yet been made. The company hopes to exit the business at a higher price, and hopes that the deal to successfully sell the shale gas business to BP Plc for $10.4 billion in 2018 can be repeated. With the end of the pandemic lockdown, Brent crude oil futures have risen by around 60% over the past year.

A BHP Billiton spokesperson declined to comment.