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BP won't drill the Great Australian Bight (for now)
Good news from the ABC
BP has announced it will not progress with plans for exploration drilling in the Great Australian Bight, offshore South Australia.
In a statement, BP said it had determined the project would not be able to compete for capital investment with other upstream opportunities in its global portfolio in the foreseeable future.
The company said it would instead focus on projects it can exploit in the short-to-medium term.
It was the then Labor Minister, Martin Ferguson, who brokered the deal with BP, while the rest of the Labor Government was bringing in a carbon pricing scheme. A very shameful episode that should never have happened.
The Great Australian Bight needs to be protected against drilling permanently - I don't know who will do that.