BP has ditched its exploration drilling programme in the Great Australian Bight (GAB), a large open bay, off the central and western portions of the southern coastline of mainland Australia.
The London-based oil and gas giant said the decision was taken following a review of its upstream strategy, according to which it would focus only on those projects that are likely to create value in the near to medium term. It added that the GAB project would not be able to compete with other project opportunities it had in its global portfolio.
BP said it had consulted on the issue with Statoil, its joint venture partner, which had acquired a 30% stake in the project’s licences in 2013. BP which is trying to recover from the Deepwater Horizon disaster claimed that Statoil had accepted its decision and understood BP’s change in strategic direction.