Published: June 14, 2017 |

[Click image to enlarge]

[Click image to enlarge]

Norwegian oil and gas company Statoil has acquired two exploration permits in the Great Australian Bight, which is a large oceanic bight or open bay, off the central and western portions of the southern coastline of mainland Australia.

Statoil, which has entered into a swap agreement with BP, has secured approval from the National Offshore Petroleum Titles Administrator (NOPTA) to take over EPP 39 and EPP40 exploration permits.

Under the deal, Statoil has transferred its 30 percent stake in offshore exploration permits EPP37 and EPP38, while BP has transferred its 70 percent equity interest to Statoil in offshore exploration permit EPP39 and EPP40.

In addition, Statoil has been granted a suspension and extension of the work commitments in both the permits.

The approved extension is consists of the drilling of one exploration well in EPP39 by October 2019

Statoil is focusing on multiple prospects in its license area, including the Stromlo-1 well in EPP39.

According to Statoil, Stromlo provides high-impact potential in a frontier exploration setting, while EPP40 represents upside exploration potential.

Statoil Exploration Vice President Pål Haremo said: “With this transaction, we have strengthened our position in this promising, unproven basin with a large exploration upside.

“This is in line with Statoil’s global exploration strategy of accessing at scale and targeting high-impact opportunities.”

Statoil Australia Manager Jacques-Etienne Michel said: “We will now take the necessary time to systematically work through all the preparations needed to drill safely. While we are building on the previous work done in these licenses, our operational plans will have to be redeveloped.”

Source: (June 9, 2017) Energy Business Review

To stop by Statoil’s website, CLICK HERE

To stop by BP’s website, CLICK HERE

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