Equinor has announced its decision to abandon its drilling plan for the Great Australian Bight.
The company said on Tuesday it would discontinue its exploration drilling plan in the Stromlo-1 exploration well, located 400 kilometres south-west of Ceduna.
A statement said that following a review of its exploration portfolio, Equinor had concluded the project's potential was 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 Bight," Equinor's country manager for Australia Jone Stangeland said.
"However, Equinor has decided to discontinue its plans to drill the Stromlo-1 exploration well, as the opportunity is not commercially competitive."
Equinor said it had informed federal, state and local authorities of its decision.
"We will engage with the federal and state authorities regarding our decision to discontinue the exploration program," Mr Stangeland said.
"We hold an exploration permit offshore Western Australia and will maintain other ongoing interests and activities in Australia."
Penong's Catrina Spitzkowsky has long protested against drilling in the Great Australian Bight and she said she was "ecstatic" about the decision.
"I'm over the moon and lost for words," she said.
"It is amazing and it shows that when people stick together and we really believe in something, we can make it happen."