Statoil has farmed into BP PLC’s four permits in the South Australian sector of the Great Australian Bight to earn a 30% interest overall.
Commercial terms for the deal were not disclosed, but BP has already committed to spending $1.4 billion (Aus.) on its exploration program in EPs 37, 38, 39 and 40 in the Ceduna Sub Basin offshore South Australia.
The permits cover an 24,000 sq km area. Statoil has already shot 3D seismic over a 12,000 sq km area. Processing the data is being finalized to identify drillable prospects. Work also continues on the region’s environmental studies.
The company’s forward work program comprises as many as four wells beginning in the Southern Hemisphere summer of 2015-16. The program could take 18-30 months.
BP will remain operator. The overall objective is to explore a giant buried delta believed to be similar in size to the Niger Delta offshore West Africa.
Statoil’s move adds to its earlier move in Australia to farm into acreage held by PetroFrontier Corp. in the southern Georgina basin onshore Northern Territory.