BP has finally officially withdrawn its application to drill for oil in the pristine Great Australian Bight, ending months of uncertainty after it announced it was not pursuing the project but then did not withdraw its application.

The Wilderness Society, which has been fighting plans from BP, Chevron, Santos, Murphy Oil and others to create a massive new oil field in the remote waters, described the announcement as an “early Christmas present” for Australians.

“BP’s decision to finally withdraw its risky plans for the bight has given Australians something to really celebrate this Christmas,” said the Wilderness Society’s South Australia director, Peter Owen.

The National Offshore Petroleum Safety and Environmental Management Authority (Nopsema) announced on Wednesday night that it had been notified of BP’s withdrawal on Tuesday.

BP’s applications had failed to meet Nopsema’s regulatory requirements several times and, in a statement, Nopseama said BP had failed to provide it with more information it needed on several issues including oil spill response plans, environmental monitoring, risks to commonwealth marine reserves and impacts of “planned emissions and discharges”.

The Wilderness Society called for other companies to follow suit.

“If BP with all its experience could not produce an acceptable drilling plan for the regulator, Nopsema, the remaining companies exploring in the bight will be wasting their shareholders’ money trying to pursue this folly,” Owen said.

At a Senate inquiry hearing in November, Nopsema’s chief executive said BP’s application was “still in play” and said if it pursued its application, and received approval, it would be possible for BP to transfer or sell their rights to drill to another company.

Nopsema’s announcement ends that speculation but leaves several other applications to drill for oil in the Great Australian Bight progressing as usual.

The Great Australian Bight’s pristine waters are home to dozens of species of whales and dolphins, many of which are protected under Australian law. It is often described as the world’s most important nursery for the endangered southern right whales.

Oil spill modelling, a summary of which was released by BP, showed that, in a very bad spill, oil could reach as far as New South Wales.

The offshore oil industry in the US has been plagued by safety concerns about the bolts used to secure underwater equipment. The US regulator has said the issue is ongoing, with no known solution, and that it is was only a matter of time until a faulty bolt caused a catastrophic spill.

Disaster experts from the US and Australia have been highly critical of Australia’s response to those safety concerns.