BP has decided not to go ahead with its exploration drilling programme in the Great Australian Bight (GAB), offshore South Australia. In line with its upstream strategy, BP will focus on more competitive frontier exploration opportunities likely to create value in the near to medium term. The group will also focus on existing upstream positions.
BP was awarded exploration licences for four blocks in the Ceduna area of the GAB in January 2011. Seismic data was acquired in the area in late 2011-early 2012. Statoil acquired a 30% interest in the licences in 2013, BP remained operator with 70% interest. The Great Australian Bight is the last underexplored Cretaceous basins and is estimated to hold as big oil reserves as the Gulf of Mexico. However, the National Offshore Petroleum Safety and Environmental Management Authority (Nopsema) recently requested more information about the project and found BP's environmental plans indaquedate, highlighting concerns over environmental risks.
In Australia, BP is active in exploration and production of oil, gas and LNG, oil refining and marketing of petroleum and lubricant products. BP is a founding partner in the North West Shelf and Browse LNG joint ventures. BP is one of the largest suppliers of fuel to Australia’s industrial sector and also has a network of some 1,400 retail service stations.