Oil and gas drilling licence surrendered at site
The firm had previously applied to explore the site in Dunsfold, with the application approved by the government, despite it twice being refused by the local council.
Waverley Borough Council said the decision for UKOG to surrender its licence marked a "significant victory for the local community, environmental campaigners and the council".
UKOG chief executive Stephen Sanderson said the divestment was in keeping with the company's transition away from hydrocarbons into the clean hydrogen storage and production sector.
Local farmers previously argued that the disruption to traffic, businesses and the environment were not in proportion to potential benefits.
Following the decision, councillor Steve Williams said it was a "momentous day for our community and our environment".
"The decision by UKOG to surrender their licence is a testament to the tireless efforts of residents and campaigners who have stood firm in their opposition to this project," he said.
"It is a clear message that the protection of our natural heritage and the well-being of our residents must come first."
Council leader Paul Follows added that the decision was "a step in the right direction" and reinforced the council's commitment to protecting the environment for future generations.
Meanwhile, Sir Jeremy Hunt said drilling in Dunsfold was "always a ridiculous idea and would have ruined the area".
He added: "This is wonderful news and totally the right decision."
UKOG previously said the project would benefit energy and economic interests.
The firm said it would be able to extract gas from the Dunsfold site worth £123m, and that the project was in keeping with the government's Hydrogen, Energy Security and Net Zero strategies.
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Farmers' fury over potential gas drilling site
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