Get 40% Off
💰 Warren Buffett reveals a $6.72 billion stake in ChubbCopy Portfolios

Statoil to revive Great Australian Bight drilling plans after BP swap

Published 06/09/2017, 08:06 AM
© Reuters.  Statoil to revive Great Australian Bight drilling plans after BP swap
BP
-
EQNR
-
BP
-
  • Statoil (NYSE:STO) is the new operator of the ultra-deepwater drilling campaign in the Great Australian Bight after swapping stakes in the exploration licenses with partner BP.
  • BP (LON:BP) agrees to transfer its 70% equity interest in two blocks, including the Stromlo prospect which the company abandoned last year despite spending nearly $1B on a drilling rig, to STO in exchange for the latter's 30% stake in two other blocks.
  • STO will need to wade through an approvals process that BP struggled to complete amid community opposition before it decided not to drill.
  • Now read: BP: High-Quality Assets Pumping Out Growth And A 6.7% Dividend Yield


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.