Woodside and BP to Explore Scotian Basin

Oil and gas producer Woodside Petroleum Ltd. (ASX:WPL) and BP plc (LSE:BP) have entered into an agreement over a farm-in offshore the Scotian Basin, in Canada.

Earlier this week, Woodside also spent $2.75 billion to acquire a 13-percent stake in the Wheatstone liquefied natural gas (LNG) project, as well as interests in the Balnaves oil project and the Kitimat LNG project.

As quoted in the market news:

Woodside on Thursday told shareholders that it would acquire a 20% participating interest in four exploration licenses in the Scotian basin, while BP would remain operator over the project area.

The licenses covered some 14 000 km², in warer depths ranging from 500 m to 3 600 m. BP was expected to start drilling exploration wells in 2017.

Woodside CEO Peter Coleman stated:

This acreage was high graded as part of our disciplined study of the Atlantic margins and it will complement our position in Morocco.

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