Equinor (NYSE:EQNR) is set to move forward with plans to look for oil in the Great Australian Bight after shareholders rejected a proposal to call off oil exploration activities in environmentally sensitive areas.
Discussions at EQNR's shareholder meeting were dominated by environment-related questions, including a proposal calling for the company to halt exploration and production activities in "frontier areas, immature areas and particularly sensitive areas," which would include the Bight.
Wilderness Society director Peter Owen had told the gathering that more than 85% of the animal and plant species found in the Bight were found nowhere else on Earth, thus "an accident here... would be an extinction event."
EQNR expects to begin drilling its Stromlo-1 exploratory well in summer 2020 if it gets the necessary regulatory approvals.
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