BP has won four deepwater offshore blocks to explore new oil reserves in the Ceduna Sub Basin within the Great Australian Bight, offshore Australia.

As per the rights, BP will explore the exploration permit for petroleum (EPP) areas EPP 37, EPP 38, EPP 39 and EPP 40 covering an area of 24,000sq km for oil and gas reserves.

BP executive vice president of exploration Mike Daly said that this was a material and early move into an unexplored deepwater basin.

BP Australia managing director of upstream oil and gas business said that the Ceduna Sub Basin is a very exciting new exploration area for BP and that the company’s experience tells that the geology has a high potential for containing hydrocarbons.

The company said that the proposed exploration activity will be phased over six years and, as part of the regulatory approval process, would be subject to detailed environmental assessment.