OIL & GAS
US oil and gas major Chevron will abandon its $400-million exploration programme in the Great Australian Bight, saying drilling in the region could not compete for capital in Chevron’s global portfolio, given the low oil price environment.
“We appreciate the strong support from governments, regulators and the local community for our plans to explore for hydrocarbons offshore South Australia. We are confident the Great Australian Bight can be developed safely and responsibly and we will work closely with the interested stakeholders to help realise its potential,” Chevron Australia MD Nigel Hearne said.
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