US oil major Chevron has pulled the plug on oil exploration off Australia.
It said weak crude prices made the work in the Great Australian Bight hard to justify, Reuters reported.
BP has already ditched its own plans in the area, which could hold 1.9bn barrels.
“While the Great Australian Bight is one of Australia’s most prospective frontier hydrocarbon regions, in the current low oil price environment it was not able to compete for capital in Chevron’s global portfolio,” Chevron said in a statement.
