Why did Equinor withdraw and what's next for the Great Australian Bight?

Equinor's decision to scrap its proposed drilling in the Great Australian Bight has come as a shock to supporters and critics alike.

Protesters in Oslo taking a stand against
drilling in the Great Australian Bight.

The decision was revealed just weeks after the Norwegian oil company was granted environmental approval by the national offshore petroleum regulator — a key hurdle that would have allowed exploration drilling to begin within months.

The company has not commented on how much it spent to get to this point, but has insisted it is a purely commercial decision, and unrelated to widespread environmental opposition.

"It's just too expensive … the cost for these activities is just too high to go ahead," Equinor's Australian chief, Jone Stangeland, said.

Read true ABC News story by Daniel Keane and Camron Slessor - “Why did Equinor withdraw and what's next for the Great Australian Bight?”