Statoil today confirmed an asset swap with oil peer BP.
The two oil majors signed a swap agreement for assets in the Great Australian Bight.
The deal between the pair covers four offshore petroleum titles.
In offshore exploration permits EPP37 and EPP38 Statoil has transferred its 30% equity interest to BP and exited the licences. In offshore exploration permit EPP39 and EPP40 BP has transferred its 70% equity interest to Statoil and exited the licences. Statoil consequently holds 100% equity interest.
“We are very pleased to have reached these agreements and found a way forward for our exploration project in the Bight. With this transaction, we have strengthened our position in this promising, unproven basin with a large exploration upside. This is in line with Statoil’s global exploration strategy of accessing at scale and targeting high-impact opportunities,” said Pål Haremo, Statoil’s vice president of Exploration in Australasia.
“We have a good understanding of the geology in our licence area, based on high-quality 3D data analysis. We believe there could be an active petroleum system within our permit area and we are now positioned to test this potential under favourable market conditions for exploration drilling.”
Statoil has mapped a number of prospects in its licence area, including the Stromlo-1 well candidate in EPP39. Stromlo offers high-impact potential in a frontier exploration setting, while EPP40 represents upside exploration potential, according to the Norwegian operator.
Jacques-Etienne Michel, Statoil’s country manager in Australia added: “We will now take the necessary time to systematically work through all the preparations needed to drill safely. While we are building on the previous work done in these licences, our operational plans will have to be redeveloped.
“In the end, it will be up to the Australian regulatory authorities to grant the necessary approvals for the activity to go ahead. Over the coming months, we will engage in dialogue with a wide range of stakeholders, including the South Australian community.”