Statoil adds Northern Carnarvon basin permit offshore Australia

Oct. 24, 2014
Australia’s National Offshore Petroleum Titles Administrator (NOPTA), through the 2013 Offshore Petroleum Exploration Acreage Release, has awarded Statoil ASA 100% equity share in the 13,000-sq-km permit WA-506-P in the Northern Carnarvon basin on the Northwest shelf of Australia.

Australia’s National Offshore Petroleum Titles Administrator (NOPTA), through the 2013 Offshore Petroleum Exploration Acreage Release, has awarded Statoil ASA 100% equity share in the 13,000-sq-km permit WA-506-P in the Northern Carnarvon basin on the Northwest shelf of Australia.

The permit lies 300 km off Western Australia in 1,500-2,000 m of water. Statoil has committed to collect 2,000 line-km of 2D seismic and 3,500 sq km of 3D seismic data within 3 years, after which the company will determine how to proceed.

“This is an untested part of a prolific basin, offering significant upside potential,” commented Erling Vagnes, Statoil’s senior vice-president for exploration in the eastern hemisphere. “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,” Vagnes added.

Statoil notes that other parts of Northern Carnarvon have proved large volumes of gas. The basin features multiple fields in production and established infrastructure. Apache last year made a gas discovery in the basin with its Olympus-1 exploratory well (OGJ Online, Apr. 11, 2013).

Statoil has had a presence in Australia since 2012. The company has interest in four BP PLC-operated offshore permits in the Great Australian Bight (OGJ Online, May 15, 2013); and onshore operatorship in the Northern Territory’s South Georgina basin (OGJ Online, Apr. 28, 2014).