Chevron abandons Australia’s largest shale exploration venture, as it walks away from an drilling agreement in the Cooper Basin with Beach Energy.
Beach Energy will now be seeking a new partner to fund exploratory drilling in the Nappamerri Trough.
Beach Energy said that following an extensive technical evaluation revealed a large gas resource and potential for further appraisal.
However, the company added that “at this time the opportunity does not align strategically with Chevron’s global exploration and development portfolio.
“Chevron’s spending on exploration is being high‐graded and significantly reduced in response to market conditions.”