Seismic testing in the Great Australian Bight will not go ahead next month.
The company granted approval to test for oil and gas in the waters near Kangaroo Island have pulled their funding.
The Advertiser has reported that PGS has deferred funding the acquisition until next year.
Industry Sources informed the paper that the two exploration companies behind the testing bid — Karoon Gas and Bight Petroleum — are awaiting final approval for Equinor before investing millions of dollars in the search.
NOPSEMA gave approval subject to conditions to “provide greater transparency and certainty to stakeholders”.
It must ensure there will be no impact on pygmy blue whales or southern right whales and no interference with the migration of southern bluefin tuna.
Image: Lindam333, Wikimedia