12:36 PM EDT, 05/22/2019 (MT Newswires) -- BHP Group (BHP) said it plans to add options in oil, copper and nickel sulphides to its portfolio, while expressing caution with regard to coal and gas.

Chief Financial Officer Peter Beaven, at an investor and analyst briefing, said copper and nickel sulphide demand is likely to grow, even as new supply sources become harder to discover and more expensive to develop. Meanwhile, the field decline in oil will ensure the need for new capacity, despite the rise of electric vehicles.

On the other hand, the market for thermal coal will "plateau and then decline" over time "as headwinds strengthen," according to a transcript of his remarks, and BHP is "unlikely to add significant new capacity in iron ore or metallurgical coal beyond productivity tonnes."

Beaven also noted gas' "abundant new supply options" and the possibility of the resource being "bypassed as a transitional fuel to renewable energy," particularly in emerging markets. BHP is considering investing in gas close to ullage in its downstream liquid natural gas facilities, however, which should provide quick returns.

Beaven additionally commented on the decreased attractiveness of lithium and cobalt, despite battery demand, and the likelihood of potash prices being capped in the near term.

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