Statoil Takes Reins at Offshore AU Permit
Statoil continues to expand in Australia, with the award of 100 percent equity share in a large exploration permit located in the prolific Northern Carnarvon Basin on the Northwest shelf of Australia.
This is Statoil’s third asset in Australia, adding to the onshore operatorship in the Northern Territory’s South Georgina basin and four BP-operated offshore permits in the Great Australian Bight.
The permit WA-506-P covers an area of more than 5,019 square miles (13,000 square kilometers), situated 186 miles (300 kilometers) off Western Australia in water depths of 4,921 to 6,562 feet (1,500 to 2,000 meters). The permit has been awarded to Statoil by the National Offshore Petroleum Titles Administrator (NOPTA) through the 2013 Offshore Petroleum Exploration Acreage Release.
“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.
Statoil has committed to collect 2,000 line kilometers of 2D seismic and 1,351 square miles (3,500 square kilometers) of 3D seismic data within three years. Based on analysis of this information, Statoil will decide on further steps.
“This work program offers the necessary flexibility for such a frontier area, and is supported by Australia’s stable regulatory framework and attractive fiscal terms,” Vågnes said.
Other parts of the Northern Carnarvon Basin have already proved large volumes of gas. It has multiple fields in production and established infrastructure.
Statoil has been present in Australia since 2012 with an office located in Adelaide.
WHAT DO YOU THINK?
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.
- Big Oil Reuses Platforms in Latest Cost-Cutting Trick (Nov 15)
- Tight Oil, Shale to Drive Majors' Output to New Highs (Oct 16)
- Shell, Equinor Commit to Tanzania LNG as They Await Host Accord (Oct 16)