BP’s decision to cancel its ultra-deepwater exploration programme in the frontier Great Australian Bight is a setback to the region and to the country’s hopes of improving its reliance on imported oil, according to the Australian upstream industry.
BP and joint venture partner Statoil were due to start drilling the first of two ultra-deepwater wells later this year using the Ocean GreatWhite, a new Moss CS60E design semi-submersible that BP had contracted for three years at US$585,000 per day.
The
