The Norwegian company said following a holistic review of its exploration portfolio, it concluded that the project's potential is not commercially competitive compared with the company's other exploration opportunities.
"The approval of the Stromlo-1 exploration well environment plan confirmed our ability to safely operate in the Great Australian Bight. However, Equinor decided to discontinue its plans to drill the Stromlo-1 exploration well, as the opportunity is not commercially competitive," Jone Stangeland, Equinor’s country manager for Australia, said.
Equinor informed the federal, South Australian and local authorities about its decision. The company acquired the licenses for the Ceduna sub-basin as a partner in 2013 and took over as operator with a 100% equity share in 2017.
By Murat Temizer