Statoil Farms into BP's South Australian Licenses

Statoil reported Tuesday that it is farming into four BP exploration licenses offshore South Australia.

The four licenses – 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. The area covers more than 9,200 square miles.

BP has already completed a 4,600-square mile 3D seismic data survey within the license area and is currently finalizing the processing of this date. According to Statoil, the next steps include the maturation of drillable prospects and environmental studies, with the work program including the drilling of up to four wells within the largely untested license area. BP will remain as operator of the licenses.

"With this agreement we gain access to a vast, underexplored area with high-impact potential," said Pål Haremo, a Statoil senior vice president for exploration.

"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."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  OTC 2016 Slideshow Highlights Offshore... (May 5)
 -  OTC 2016 Slideshow Features An Offerin... (May 3)
 -  OTC 2016 Slideshow: Check Out Day One (May 2)
 -  OTC 2016: Get To Know Houston Like An ... (Apr 29)
 -  OTC 2016: Want to Drink Like A Local? ... (Apr 29)


Most Popular Articles

From the Career Center
Jobs that may interest you
Environmental Engineer, Geologist, or Scientist
Expertise: Environmental Engineer|Geologist|Geoscientist
Location: Indianapolis, IN
 
Environmental Engineer, Geologist, or Scientist
Expertise: Environmental Engineer|Geologist|Geoscientist
Location: Lombard, IL
 
Quality Manager
Expertise: Manufacturing Engineering|Process Management|QA / QC / Inspection
Location: Sulphur, OK
 
search for more jobs

Brent Crude Oil : $45.37/BBL 0.79%
Light Crude Oil : $44.66/BBL 0.76%
Natural Gas : $2.01/MMBtu 2.89%
Updated in last 24 hours