13 October 2017
On 12 October 2017, Chevron introduced that it will not be progressing its exploration work program within the Nice Australian Bight.
Whereas disappointing, this determination is a business determination by the corporate. It displays the present oil value and the prices and monetary dangers of working in frontier areas.
As Chevron has affirmed in its assertion, no environmental or regulatory elements influenced the choice.
The Nice Australian Bight stays extremely potential and exploration has occurred safely previously, together with the drilling of 13 wells since 1972.
There are seven different petroleum exploration permits within the Nice Australian Bight, together with worldwide oil and fuel corporations akin to Statoil and Murphy.
The Australian Authorities stays dedicated to encouraging the exploration and improvement of Australia’s offshore petroleum assets within the Nice Australian Bight and throughout Commonwealth waters.
We are going to work with all present titleholders to develop this necessary new oil and fuel frontier, which might be as vital as Bass Strait.
We will even make sure that Chevron honours its promised work commitments by way of the event of a powerful Good Standing Association with the Australian and South Australian Governments.
Australia has a world main oil and fuel trade, which is crucial for Australia’s financial prosperity and power safety.
The Authorities will proceed to place in place insurance policies that drive our prosperity and encourage ongoing funding and jobs progress on this sector.
Media contact: Deputy Prime Minister’s workplace 02 6277 7520