BP abandons drilling program in Great Australian Bight

James Thomson, Simon Evans and Matthew Stevens

Updated Oct 11, 2016 – 5.33pm, first published at 12.54pm

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The South Australian Treasurer says oil giant BP has done "tremendous damage" to its international reputation after scrapping its $1.4 billion exploration drilling program in the Great Australian Bight off South Australia, in what will be hailed as a major win for environmental groups.

SA Treasurer Tom Koutsantonis said BP had won a tender for the tenements in the GAB and had promised to spend almost $1.4 billion on an exploration program but had now withdrawn, even though there had been little change in macro conditions in the oil and gas sector in the past 18 months.

James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine.

Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide.

Matthew Stevens writes on business, specialising in mining, energy and opinion. Matthew is a senior business writer and columnist.