Exploration to restart in Great Australian Bight as Norway’s Statoil takes over BP permits

Norway’s Statoil has inked a swap agreement with petroleum major BP, and will now start exploration in the Great Australian Bight. BP in October shelved plans to explore the Bight, following a review of the company’s upstream strategy. The company said at the time that the Bight project would not be able to compete for capital with its other upstream opportunities.