Oil giants BP, Chevron and Statoil are chasing more than $100 billion of potential oil resources in the Great Australian Bight and have told a Senate inquiry that if they are allowed to drill the benefits could match those delivered by the Bass Strait oil and gas fields over the past 40 years.

Illustrating why oil’s big guns are pushing ahead with high-risk exploration in the Great Australian Bight basin, consultants Wood Mackenzie have estimated the region contains a potential resource of 1.9 billion barrels of oil equivalent, worth $US84bn ($130bn) at the current depressed prices.

http://www.theaustralian.com.au/business/mining-energy/oil-giants-eye-great-australian-bights-100bn-prize/news-story/264982343d8b75230c664ac17056e6d9

They've been sniffing at that dangled carrot for a few years now but the NOPSEMA regulators, tree-huggers and Nimby's keep it all just out of reach. Chevron will go broke before they get any action downundah. They're offloading millions of dollars worth of assets globally as they try and balance their books which were in a piss poor state before the oil price crashed.