Norway’s Equinor has informed the Australian authorities of its decision to discontinue its exploration drilling plan (Stromlo-1) in the Ceduna sub-basin, offshore South Australia.
Following a review of its exploration portfolio, Equinor has concluded that the project’s potential is not commercially competitive compared with other exploration opportunities in the company.
The Norwegian firm was granted approval last December to begin exploratory drills in seas off South Australia.
“The approval of the Stromlo-1 exploration well Environment Plan confirmed our ability to safely operate in the Bight. However, Equinor has decided to discontinue its plans to drill the Stromlo-1 exploration well, as the opportunity is not commercially competitive,” said Jone Stangeland Equinor’s country manager for Australia.
Equinor has informed the federal, South Australian and local authorities about its decision. The company entered the licences in the Ceduna sub-basin as a partner in 2013 and took over as operator with a 100 per cent equity share in 2017.