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Chevron abandons drilling plans on Great Australian Bight, company blames low oil prices

ABC News, 13 October, 2017.

Major international energy company Chevron has announced it has joined BP in abandoning plans to drill in the Great Australian Bight on South Australia’s west coast. It said while the Bight had massive potential, low oil prices had forced it to concentrate on other projects. Chevron said the decision to ditch its $400 million plans had nothing to do with government policy, regulatory, community or environmental concerns. In October last year BP announced it would not proceed with exploration drilling in the Bight.

Chevron’s decision has disappointed the Australian Petroleum Production and Exploration Association. The association’s director Matthew Doman said success in the Bight would ease Australia’s reliance on imported oil and deliver much-needed new investment and jobs to South Australia. “Chevron has made clear its view that the resource potential of the Great Australian Bight remains significant, but their decision is a reminder that much-needed investment in developing Australia’s energy resources cannot be taken for granted,” Mr Doman said.

“While several other companies continue to develop exploration plans for the Bight, the international environment for the oil and gas industry is challenging.”

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