BP BP -2.43 % PLC on Tuesday abandoned plans to drill deep-water oil-exploration wells off the southern coast of Australia, saying the project’s finances don’t stack up against other opportunities globally. The decision comes after oil and natural-gas regulators last month threw a wrench into BP’s plan to explore for oil in the Great Australian Bight, a remote stretch of ocean that is home to whales, sea lions and other wildlife. The regulators sought more information on how the company intended to manage environmental risks. Environmental groups were quick to claim a victory against a plan they warned threatened a spill on the scale of a 2010 blowout that killed 11 workers and spewed more than three million barrels of oil into the Gulf of Mexico over the course of 87 days. They had […]