Located in the frontier Ceduna Sub Basin, within the Great Australian Bight, off the coast of South Australia, the four licenses include EPP 37, 38, 39, and 40 and cover an area of more than 24,000km² of acreage.
UK-based multinational energy company BP, which is currently finalising the processing of the data, has completed a 12 000km² 3D seismic survey.
In the next step, BP will analyse maturation of drillable prospects and continue environmental studies, which may include drilling up to four wells within the untested license area.
The company will continue to operate the exploration licenses.
Statoil Global new ventures in Exploration senior vice president PÃ¥l Haremo said the agreement will give the company vast access to an underexplored area with high-impact potential.
"This is in line with our strategy, supporting our long term growth ambitions by providing early access at scale in a new and promising basin, positioning us for high impact exploration," Haremo added.
