Energy giant Chevron has abandoned plans to drill for oil in the Great Australian Bight.

Chevron says that while there is plenty of oil there, its low value makes the $400 million plans too costly.

The company has joined BP in ditching Bight plans, moves that are concerning for the Australian Petroleum Production and Exploration Association.

“Chevron has made clear its view that the resource potential of the Great Australian Bight remains significant, but their decision is a reminder that much-needed investment in developing Australia's energy resources cannot be taken for granted,” the association's director Matthew Doman said.

“While several other companies continue to develop exploration plans for the Bight, the international environment for the oil and gas industry is challenging.”

Conservationists are celebrating, but Greens Senator Sarah Hanson-Young says there are still companies looking to drill in the Bight.

“One of the big companies of course still left on the table is Statoil from Norway,” Senator Hanson-Young said.

“Over the next week I'll be reaching out to the Norwegian ambassador and the Norwegian Government to say; ‘Look, it's just not worth it, leave our Great Australian Bight alone’.”

The Wilderness Society says companies should all abandon their Bight plans.

“I don't think the Great Australian Bight is an appropriate place to be trying to turn into an oil field,” society spokesperson Peter Owen said.

“It's very deep water, it's very rough water, it's extremely remote, it's also one of the most significant whale nurseries on the planet.”