BP has decided not to go ahead with drilling explorations off the coast of South Australia.
The decision to cancel operations in the Great Australian Bight (GAB) follows a strategy report earlier this year, which suggested the company would focus on opportunities likely to create value in the short to medium term.
The firm says fossil fuel exploration and drilling in the GAB would not be able to compete for funding with other upcoming projects.
Claire Fitzpatrick, BP Australia’s Managing Director for Exploration and Production, said: “We have looked long and hard at our exploration plans for the Great Australian Bight but in the current external environment, we will only pursue frontier exploration opportunities if they are competitive and aligned with our strategic goals.
“After extensive and careful consideration, this has proven not to be the case for our project to explore in the Bight. This decision isn’t a result of a change in our view of the prospectivity of the region, nor of the ongoing regulatory process run by the independent regulator NOPSEMA. It is an outcome of our strategy and the relative competitiveness of this project in our portfolio.”