Statoil has agreed a 100% equity share in Australia’s Northern Carnarvon Basin.
The deal has increased the Norwegian operator’s Australian assets to three.
The permit, located 300km off Western Australia in water depths of 2,000m, covers an area of more than 13,000km2.
“This award adds another large acreage position with high-impact potential to our global portfolio, in line with our exploration strategy. This is an untested part of a prolific basin, offering significant upside potential,” said Erling Vågnes, Statoil’s senior vice president for exploration in the Eastern hemisphere.
“This work programme offers the necessary flexibility for such a frontier area, and is supported by Australia’s stable regulatory framework and attractive fiscal terms.”
Statoil has been operating in Australia for the past four years. It also acts as an onshore operator in the Northern Territory’s South Georgina basin.