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Chevron cancels Great Australian Bight drilling plans

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Report summary

Chevron has announced that it won't be drilling its four Great Australian Bight Basin commitment wells. It has cited low oil prices as the reason for the decision and is the second Major to drop its commitment in the area, following BP. The decision is a blow to the Australian and South Australian governments' plans to develop a hydrocarbon industry offshore South Australia. The decision will also impact the smaller acreage holders as they were looking for the majors to de-risk the area.

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