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BP cancels deepwater exploration plans in the Great Australian Bight

BP cancels deepwater exploration plans in the Great Australian Bight

Report summary

BP has cancelled its plans to explore in the Great Australian Bight, offshore South Australia. The company cited a review of its strategy as the catalyst, noting that the ultra-frontier, deepwater acreage was no longer competitive with other opportunities in its global upstream portfolio. BP stated that the ongoing regulatory approval process did not impact its decision to exit.

The decision reflects a broader industry shift away from high-cost, ultra frontier exploration drilling. The resulting high-grading effect will be a key factor in driving improved exploration returns and value creation across the industry over the next five years.

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Description

This Oil and Gas Exploration Inform report highlights the key issues surrounding this topic, and draws out the implications for those involved.

For participants, suppliers and advisors who want to look at the trends, risks and issues of this topic, this report gives you an expert point of view to help inform your decision making.

Wood Mackenzie provides accurate and in-depth analysis to help you navigate the ever-changing challenges of oil and gas exploration so you can make key commercial decisions.

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