Woodside advises that it has finalized an agreement with BP to farm in to offshore blocks in the Scotian basin, off the coast of Nova Scotia, Canada.
BP accepted Woodside’s offer to acquire a 20% participating interest in exploration licenses 2431, 2432, 2433 and 2434. BP will remain operator.
The licenses cover 14,000sq km in 500-3600m water depth. The future work program is anticipated to include the drilling of exploration wells from 2017.
Woodside CEO Peter Coleman said the farm-in was an opportunity to explore an emerging basin with oil potential in line with the company’s international exploration strategy.
“This acreage was high graded as part of our disciplined study of the Atlantic margins and it will complement our position in Morocco,” Mr Coleman said.
The transaction is subject to required government and regulatory approvals.