Statoil to continue exploring the Great Australian Bight

Statoil Australia has committed to continue offshore oil and gas exploration in the Great Australian Bight.

Minister for Resources and Northern Australia Senator Matt Canavan said the Australian Government has approved Statoil’s request to become the sole titleholder of Petroleum Exploration Permits EPP39 and EPP40 located off the South Australian coast.

Statoil will be the sole titleholder and operator of the permits, following BP’s decision to withdraw late last year.

“I look forward to working with Statoil, one of the world’s largest offshore operators, as they continue to explore for oil and gas in the Bight Basin,” Minister Canavan said.

“The Australian Government remains committed to encouraging the development of Australia’s offshore petroleum resources in the Great Australian Bight, where exploration has occurred safely in the past.

“For decades the oil and gas industry has created jobs and wealth for Australia.

“BP’s decision not to proceed with exploration in the Bight was a disappointment for South Australians who want to see their economy grow. Statoil’s decision to undertake exploration is good news for the South Australian economy.

“We have worked with BP on options for future investment following their decision to withdraw from the permits last year, and that work will continue in regard to their exit from two other Bight titles.

“The Bight Basin remains one of Australia’s frontier basins. Continuing the search for new oil and gas provinces is part of Australia’s efforts to secure its energy future.”

Statoil is a Norwegian-based international energy company with more than 20,000 employees. Statoil operates in more than 30 countries and has a strong safety record for all its operations.

The company has had a 30 per cent equity share in BP’s-operated Bight Basin exploration permits, covering more than 24,000 square kilometres, since 2013. Statoil has also been the operator of an exploration permit offshore Western Australia since 2014 and from 2012 to 2016, Statoil had interests in four exploration permits in the Northern Territory.