BP Developments Australia Pty Ltd and the Joint Authority for the Commonwealth/South Australia Offshore Area have entered into a good agreement (GSA) for minimum work program commitments not filled with bp in the EPP37 and EPP38 exploration licences. As part of the Joint Enterprise Agreement on the WA-359-P Exploration Authorization, BP is the designated right holder for the implementation of eligible voluntary measures on behalf of all licensees and is also the operator. The iron bark exploration program is planned under the WA-359-P agreement, which is located in Commonwealth waters approximately 170 km off the coast of Karratha. Chevron and BP have committed to invest a total of $116.5 million in oil and gas exploration over the next three years to preserve their reputation and remain «good» with the government after abandoning drilling obligations in the Great Australian Bight. Then the treasurer of South Australia, Tom Koutsantonis, said at the time that BP had caused «considerable damage» to its international reputation by withdrawing. But the British company said it was determined to stay «good» with governments, which it could do by instead conducting surveys in other areas. This research project aims to measure the economic impact of Aboriginal procurement policies and to demonstrate an understanding of the contribution of Aboriginal businesses to the Australian economy. The Ironbark programme is pleased to invest in the areas of existing community activities in the most important areas of social investment: education, the environment and reconciliation. This will allow investment in the native CRA and the public procurement research project. Security is the foundation of everything bp does every day. The company`s objectives are clear: no accidents, no damage to people and no environmental damage.
BP will invest $40.6 million across the country by October 2022 and Chevron $75.9 million by September 2022. Both sides appear to be finalising negotiations for a series of regional studies with third-party representatives, the Southern Australian Chamber of Minerals and Energy said this morning. Minister Canavan said: «BP and Chevron have suspended their exploration programs in the Great Bay of Australia in 2017 and 2018 respectively. Australia`s offshore oil and gas policy ensures that companies that engage in an exploration program meet this commitment as part of the government agreement`s policy… In rare cases where commitments are not met, companies are encouraged to redirect exploration investments in Australia. Rebekha Sharkie, a federal member of the Alliance Centre for Mayo, said most South Australians were «disappointed» by the decision and referred to opposition to drilling in the mass of 30,000 entries submitted to NOPSEMA during the approval process. «This is great news for south Australia`s commodities sector that close to $60 million is being invested in our state through the good-looking agreement,» said Minister van Holst Pellekaan. «These are welcome investments in oil and gas exploration that will directly benefit South Australia`s commodities sector and the broader public economy,» said Rebecca Knol, CEO of SACOME. It was only last month that The Australian oil group Karoon WA-314-P dropped out of the Bight and said the company had «heard our broader stakeholder groups and took steps to abandon EPP46 in the Great Australian Bight.» bp will satisfy the GSA by spending activities in Australia that meet the expectations of the Joint Authority. At least 50 per cent of the funds are allocated to activities in South Australia. We conducted a small geotechnical and geophysical study as a first activity to support the study of the peeling exploration prospectus, a potential gas/condensate field in the WA-359-P block.