• 2 minutes Oil prices going down
  • 11 minutes China & India in talks to form anti-OPEC
  • 16 minutes When will oil demand start declining due to EVs?
  • 1 min Oil prices going down
  • 15 hours We Need A Lasting Solution To The Lies Told By Big Oil and API
  • 16 hours Another WTH? Example of Cheap Renewables
  • 3 days Bullish and bearish outlook for oil
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 2 days Trump Hits China With Tariffs On $50 Billion Of Goods
  • 2 days When will oil demand start declining due to EVs?
  • 15 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 2 days Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks
  • 3 days Rolls Royce shedding 4,600 jobs
  • 8 hours China & India in talks to form anti-OPEC
  • 3 hours Australia mulls LNG import
  • 8 hours No LNG Pipelines? Let the Trucks Roll In
  • 14 hours The Permian Mystery
  • 1 day Gazprom Exports to EU Hit Record
  • 3 days OPEC soap opera daily update
Global Energy Advisory - June 15th 2018

Global Energy Advisory - June 15th 2018

Oil markets are on edge…

Is Russia Bailing On The OPEC Deal?

Is Russia Bailing On The OPEC Deal?

Russia, the world’s largest oil…

Statoil Takes Over Great Australian Bight Oil Exploration From BP

Offshore

Norway’s Statoil has announced an announced with BP to take over exploration for oil and gas in four blocks in the Great Australian Bight. The agreement, approved by the Australian National Offshore Petroleum Titles Administrator, has seen BP transfer its 30 percent in the EPP37 and EPP38 blocks, and its 70-percent interests in EPP39 and EPP40.

The Great Australian Bight is an environmentally sensitive region—a marine reserve with whale breeding grounds—and oil exploration there has ran into environmental opposition. BP’s interest in the area gained media attention in the spring of 2016, when Australian media reported that the British giant, along with Chevron and Statoil are eyeing some US$75.3 billion (A$100 billion) worth of oil. According to Wood Mackenzie, the Great Australian Bight may contain 1.9 billion barrels of oil equivalent.

In September last year, however, BP said it would suspend exploration in its license blocks in the area because of unfavorable economic conditions. In addition to the economic environment, BP saw NOPTA reject three environmental safety plan proposals for the Bight. What’s more, as the Australian noted earlier in the year, oil exploration in the Bight has not been particularly successful in the past due to rough seas and a high failure rate in exploration: up to 90 percent.

Related: Unmasking Nigeria’s Oil Cartel

Statoil, which was BP’s minority partner in one field in the EPP39 block, Stromlo, has a much better environmental track record than BP, but is likely to attract the attention of environmentalists as well. The company’s Australian country manager, Jacques-Etienne Michel, said in this respect that “Over the coming months, we will engage in dialogue with a wide range of stakeholders, including the South Australian community.”

In its announcement of the deal, Statoil said that it is optimistic about the oil reserves contained in the four blocks, saying “there could be an active petroleum system within our permit area,” and preparing for exploratory drilling.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News