Equinor Withdraws From Australia's Bass Offshore Wind Energy Project

Core Insights - Equinor ASA has withdrawn from its third offshore wind project in Australia, indicating a significant reduction in its investment in renewable energy projects, which poses challenges for the Australian government's offshore wind industry plans [1][10] Company Developments - In early 2025, Equinor exited the Bass Offshore Wind Energy (BOWE) project, transferring full ownership to Nexsphere, which plans to continue the project with international partners [2] - This withdrawal marks the third offshore wind project Equinor has exited in Australia, raising concerns about its remaining involvement in the Novocastrian wind farm [3] Industry Context - Equinor's recent strategy reflects a broader trend of scaling back investments in clean energy, shifting focus back to traditional fossil fuels to enhance shareholder returns [4] - The offshore wind industry is currently facing challenges such as supply chain issues, regulatory setbacks, inflation, and high interest rates, leading to increased costs for developers [4] - The BOWE project, located near Tasmania, was expected to have 70-100 wind turbines with a capacity of up to 1,500 megawatts, but failed to secure a feasibility license, the first regulatory permit needed for offshore energy development in Australia [5]