U.S. oil major Chevron Corp has abandoned plans to explore the deep water off Australia’s south coast, long seen as a promising prospect, as weak oil prices are making the work hard to justify, the company said on Friday.
Chevron’s move follows a decision by BP Plc a year ago to walk away from the waters known as the Great Australian Bight, which industry consultants Wood Mackenzie have estimated could hold 1.9 billion barrels of oil equivalent. “While the Great Australian Bight is one of Australia’s most prospective frontier hydrocarbon regions, in the current low oil price environment it was not able to compete for capital in Chevron’s global portfolio,” Chevron said in a statement. The decision came a week after Chevron acquired […]