Exploration in the Great Australian Bight
13 October 2017
On 12 October 2017, Chevron announced that it would not be progressing its exploration work program in the Great Australian Bight.
While disappointing, this decision is a commercial decision by the company. It reflects the current oil price and the costs and financial risks of operating in frontier areas.
As Chevron has affirmed in its statement, no environmental or regulatory factors influenced the decision.
The Great Australian Bight remains highly prospective and exploration has occurred safely in the past, including the drilling of 13 wells since 1972.
There are seven other petroleum exploration permits in the Great Australian Bight, including international oil and gas companies such as Statoil and Murphy.
The Australian Government remains committed to encouraging the exploration and development of Australia’s offshore petroleum resources in the Great Australian Bight and across Commonwealth waters.
We will work with all current titleholders to develop this important new oil and gas frontier, which could be as significant as Bass Strait.
We will also ensure that Chevron honours its promised work commitments through the development of a strong Good Standing Arrangement with the Australian and South Australian Governments.
Australia has a world leading oil and gas industry, which is essential for Australia’s economic prosperity and energy security.
The Government will continue to put in place policies that drive our prosperity and encourage ongoing investment and jobs growth in this sector.
Media contact: Deputy Prime Minister’s office 02 6277 7520