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Nigel Hearne says the project was not able to compete for capital in Chevron's global portfolio. Photo: Attila Csaszar

Chevron withdraws bight drill plan

Oil giant Chevron has shelved a $400 million plan to drill in the Great Australian Bight.

The company acquired two deepwater exploration permits in 2013 and had planned to drill four wells, but choose to discontinue the work, citing low oil prices.

The decision had nothing to do with government policy or environmental concerns, the company said.

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