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.