The Norwegian company, Equinor, has announced it was abandoning plans to drill for oil in the highly ecologically sensitive, Great Australian Bight, which has been a battleground between conservationists and the industry for years.
You would have thought that having been responsible for the largest offshore oil spill in US history, the Deepwater Horizon, which spilled an estimated 4 million barrels of oil into the sea, and cost you $65 billion, that as a company you would see oil spills as something to be avoided.
Conservationists and environmentalists in Australia are celebrating a major victory after the oil giant BP announced that it is abandoning its hugely controversial plans to drill for oil and gas in the Great Australian Bight.
Despite growing international condemnation, oil giant BP seems intent on drilling in the highly sensitive Great Australian Bight off the country’s southern coast, which is home to one of the largest breeding populations of endangered southern right whales in the world.
I want to tell you a story about a man called Bob. Bob runs a large multinational oil company. His company has just recorded its worst ever record loss of $6.5 billion. He has sacked some 7,000 workers, ruining lives and ripping up livelihoods. His company has suffered a torrid, horrible year. His share price fell 13 per cent over the last year. His competitors all did much better.