Marking Statoil’s third asset in Australia, the Norwegian oil and gas giant has been awarded a 100% equity share in a large exploration permit located in the prolific Northern Carnarvon Basin on the Northwest shelf of Australia.
This, adding to the onshore operatorship in the Northern Territory’s South Georgina basin and four BP-operated offshore permits in the Great Australian Bight.
Significant upside potential
The permit WA-506-P covers an area of more than 13 000 km2, situated 300 km off Western Australia in water depths of 1500 - 2000 m. 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,” says Erling Vågnes, Statoil’s Senior Vice President for Exploration in the Eastern Hemisphere.
2D and 3D seismic data
Statoil has committed to collect 2000 line km of 2D seismic and 3500 km2 of 3D seismic data within three years. Based on analysis of this information, Statoil will decide on further steps.
“This work programme offers the necessary flexibility for such a frontier area, and is supported by Australia’s stable regulatory framework and attractive fiscal terms,” says Vågnes.
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.
Adapted from press release by Cecilia Rehn
Read the article online at: https://www.oilfieldtechnology.com/exploration/24102014/statoil-awarded-large-exploration-permit-offshore-australia/