BHP says it will be better placed to invest in a lower carbon world after announcing its dual-listing structure will be unified in Australia and its capital-heavy petroleum division hived off to Woodside Petroleum.

BHP chief Mike Henry said a desire to play a bigger role in the global “mega-trends” around decarbonisation and food security were behind the decision to merge its petroleum division with Woodside, unify its dual-listed structure and spend $US5.7 billion ($7.8 billion) on a new potash mine in Canada.