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Northbridge Industrial Services Plc

BP & Chevron to invest $116M on exploration in Australia

Oil and gas majors BP and Chevron have committed to investing a total of $116.5 million in oil and gas exploration activities in Australia, with at least half directed to projects in South Australia with a view of increasing energy supplies in the state and south-eastern Australia. The commitment follows the two firms’ cancellation of the Great Australian Bight drilling plans in the past three years.

This was shared in a joint statement on Thursday issued by Minister for Resources and Northern Australia Matt Canavan and South Australian Minister for Energy and Mining Dan van Holst Pellekaan.

Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.