Friday 24 October 2014

Statoil to explore for oil, gas offshore Australia

Norwegian company Statoil has been awarded a licence to explore for oil and gas off the northwest coast of Australia.

The permit covers an area of more than 13,000 square kilometres in water depths of up to 2,000 metres.

The company will be the sole operator of the licence and has committed to collect seismic data of the area within three years.

Erling Vågnes, Statoil’s Senior Vice President for exploration in the Eastern hemisphere said: “This is an untested part of a prolific basin, offering significant upside potential."

The permit has been awarded by the National Offshore Petroleum Titles Administrator (NOPTA) through the 2013 Offshore Petroleum Exploration Acreage Release.