The decision by
Norway's Equinor to pull the plug on plans to drill for crude
off Australia's south coast raises two issues for future
exploration projects, namely the economics must stack up and
environmental concerns cannot be ignored.
Eight candidates have applied to head Norway's sovereign wealth fund, the country's central bank said on Tuesday, as its board prepares to decide who should steer the global portfolio of assets worth $1.1 trillion through a time of transition.
Norway's Equinor ASA has abandoned plans to explore for oil in the deep waters off Australia's south coast, saying it was not "commercially competitive", following in peers' footsteps in a move hailed as a big win by green campaigners.
Norway has rejected Russian accusations of violating the terms of an international treaty regulating activities on the Arctic archipelago of Svalbard, as a diplomatic spat over Russian operations there escalated.
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