Minister of Energy Stuart Young MP says he and the Ministry are closely monitoring the proposed merger and acquisition between energy giants BHP and Woodside Petroleum Ltd, which is expected to be completed in 2022.
The merger will result in the creation of one of world’s largest oil and gas production companies.
Minister Young says he recently spoke with Michael Stone, BHP’s Country Manager for Trinidad and Tobago about the matter, and the company’s operations here “are not expected to be affected” by this corporate development.
“Work continues on their significant projects Ruby and Calypso,” an official statement from the Ministry assures.
The following is the full text of the release from the Ministry of Energy…
Announcements by BHP and Woodside
The recent announcements by both BHP and Woodside with respect to a proposed merger and acquisition signal continued evolution in the global oil and gas industry.
The Honourable Minister of Energy and Energy Industries, Stuart R. Young, M.P. has spoken to Mr. Michael Stone, BHP’s Country Manager for Trinidad and Tobago about this latest corporate development.
These types of acquisitions are not unusual. Within the past few years, a similar acquisition of British Gas by Royal Dutch Shell was completed which saw the return of Shell to Trinidad and Tobago. This led to significant investments in Trinidad and Tobago.
The proposed deal between BHP and Woodside has to go through a regulatory approval process with a projected completion date in 2022.
In the interim, BHP’s operations in Trinidad and Tobago are not expected to be affected and work continues on their significant projects Ruby and Calypso.
The Government will continue to communicate with BHP and looks forward to the unfolding of the merger and acquisition.
The Ministry of Energy and Energy Industries on behalf of the Government, and people of Trinidad and Tobago, will continue to monitor these events and stay connected to BHP and Woodside to advocate for continued interest and investment in our country.