bp drops plans to explore for oil in great australian bight
by robb m. stewart
melbourne, australia--bp plc (bp) has dropped plans to explore for oil in the great australian bight off southern australia, after it said it determined the project wouldn't be able to compete for capital investment against other opportunities globally.
the project had faced opposition from environmental groups that warned of potential spills on the scale of the 2010 deepwater horizon disaster, and repeated requests for information on bp's plans from the national energy safety regulator.
bp on tuesday said it had decided not to progress with an exploration drilling program in the bight following a review of the company's upstream strategy.