Oil and gas firm Statoil said today it had acquired a 30% stake in four BP exploration licences offshore South Australia for an undisclosed sum.
Statoil already has a presence in Australia following its joint-venture agreement with Petrofrontier at its onshore exploration permits in the South Georgina Basin in the Northern Territories.
The BP fields are located in the frontier Ceduna Sub-basin within the Great Australian Bight, off the coast of South Australia.
Pål Haremo, senior vice president for global new ventures in exploration at Statoil, said: “With this agreement we gain access to a vast, underexplored area with high-impact potential.
“This is in line with our strategy, supporting our long term growth ambitions by providing early access at scale in a new and promising basin, positioning us for high impact exploration.”
BP has completed a 3D seismic survey in the license area and is currently finalising the processing of this data.
The work programme includes drilling up to four wells within the largely untested license area. BP will continue to operate the exploration licenses.
Recommended for you
