From the Guardian - decision follows outcry by environmentalists over risk to delicate marine ecosystem, safety concerns and a corporate review within the company
"BP has decided not to go ahead with its controversial plans to drill for oil in the commonwealth marine reserve in the Great Australian Bight.
It had boasted that the Great Australian Bight had the potential to be as big an oil field as the Gulf of Mexico, where there are now more than 4,000 oil rigs.
Karoon, which just announced its plans to explore for oil last week, said the bight held “the world’s last underexplored Cretaceous basins”.
The move comes despite the company already investing millions in the venture, with a state-of-the-art oil rig being prepared in Singapore.
It is unclear where that leaves other companies with exploration licences in the region, including Chevron, Santos and Karoon.
The news comes after repeated requests for more information from the Australian regulator, the National Offshore Petroleum Safety and Environmental Management Authority, and growing public concerns about the impact the drilling and any potential oil spill would have on the pristine waters of the Great Australian Bight."
The full article can be read here.