BP Awarded Four Deepwater Exploration Blocks

BP has been awarded four deepwater offshore blocks in the Ceduna Sub Basin within the Great Australian Bight, off the coast of South Australia. The company is to explore Exploration Permit for Petroleum (EPP) areas EPP 37, EPP 38, EPP 39 and EPP 40 covering an area of 24,000 km2 for oil and gas reserves, with the right to develop any commercially viable discoveries. Seismic survey is to take place later this year, drilling is not expected to take place before 2013.

 

 

 "This is a material and early move into an unexplored deepwater basin," said Mike Daly, executive vice president of Exploration for BP.  "The Ceduna Sub Basin is a very exciting new exploration area for BP. Our experience tells us that the geology has a high potential for containing hydrocarbons," added Dr Phil Home, Managing Director of BP's Australian upstream oil and gas business.

 

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