Statoil Inks Farm-In Deal for Four Licenses Offshore Australia

Statoil has signed a farm-in agreement with BP, acquiring a 30 percent equity share in four exploration licences offshore South Australia.

The four licences EPP 37, 38, 39 and 40 are located in the frontier Ceduna Sub Basin within the Great Australian Bight, off the coast of South Australia, and cover an area of more than 24,000 sq kms of acreage.

BP has completed a 12,000 sq km 3D seismic survey in the licence area and is currently finalising the processing of this data. Next steps include maturation of drillable prospects and continued environmental studies, Statoil said in a statement. The work programme includes drilling up to four wells within the largely untested licence area. BP will continue to operate the exploration licences.

Statoil already has a presence in Australia following the farm-in into Petrofrontier's four existing and two pending onshore exploration permits in the South Georgina Basin in the Northern Territories in a joint venture project.