Chevron exits the Great Australian Bight

Exploration permits in the Great Australian Bight.

Exploration permits in the Great Australian Bight.

Chevron Australia has decided to discontinue its Great Australian Bight exploration program, but has reaffirmed its commitment to Australia.

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.

“We appreciate the strong support from governments, regulators and the local community for our plans to explore for hydrocarbons offshore South Australia,” said Chevron Australia Managing Director Nigel Hearne.

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