Following BP’s October 2016 decision to withdraw from the Great Australian Bight (the Bight) its joint venture partner Statoil in March 2017 announced its decision to take 100% ownership and operational control of two of the four previously jointly held exploration leases in this unexplored basin.
In the context of its peers determining that exploration of the Bight did not fit with their strategic priorities and escalating opposition to drilling in such an area of marine life significance, Statoil’s decision to persist in the Bight invites investor scrutiny.
This briefing outlines the operational, economic, and reputational risks facing Statoil in their plans to drill in the Bight. We suggest questions investors should ask Statoil to understand if the company has adequately assessed the various risks it faces.
About our investor briefings
Meeting the objectives of the Paris agreement means that fossil fuel companies will come under increasing pressure from investors concerned about the risks of failing to make the transition to a zero carbon energy future.
Greenpeace has worked to challenge the industry’s business model for over a decade. Our work allows investors to question many of the underlying assumptions of oil industry scenarios and forecasts.
We also examine and interrogate macroeconomic risks as well as technical, legal and regulatory challenges in systemically significant oil projects.
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