Norwegian oil and gas company Statoil has taken over two exploration permits from BP and plans to begin drilling for oil in the Great Australian Bight by late next year.
Statoil and BP have signed a swap agreement covering four offshore petroleum titles. Under the deal Statoil transferred its 30% equity in two of its permits to BP and exited the licences. In return, BP has given its 70% equity in two other permits to Statoil and relinquished those licences.
BP announced on October 11 that it has abandoned plans for a $1.4 billion program to explore for oil in the Great Australian Bight, off South Australia.
The British petroleum giant said the decision, which delighted environmental groups, was made because the project was not economically viable. It said it would instead focus on projects it could exploit in the short-to-medium term.
Protesters hold a banner opposing BP oil drilling in the Great Australian Bight, in St Kilda beach on May 16. Photo: Chris Peterson
About 100 people rallied at Glenelg in Adelaide to protest against plans by oil company British Petroleum to explore for oil in the Great Australian Bight.
