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Why BP plc backed out of the big Australian Bight

Greenpeace has hailed BP‘s (LSE: BP) decision not to drill for oil offshore in South Australia as a momentous win. But it’d be naive to see the energy giant’s withdrawal as a purely environmental move.

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Owain Bennallack owns shares of BP. The Motley Fool UK has recommended BP. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.