🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Norway's Equinor wins exploration permit off Western Australia

Published 10/10/2019, 12:16 pm
Updated 10/10/2019, 12:20 pm
© Reuters.  Norway's Equinor wins exploration permit off Western Australia
EQNR
-
STO
-

MELBOURNE, Oct 10 (Reuters) - Norway's Equinor ASA EQNR.OL said on Thursday it has been awarded a new exploration permit in shallow waters off Western Australia, close to the Dorado field, Australia's biggest oil find in more than two decades.

Equinor, which will be 100% owner and operator of the permit, said the block covers 4,815 sq km (1,860 sq miles) in water depth of 80 to 350 metres.

"An interesting new liquids play has emerged in this part of Australia's Northwest Shelf and we are looking forward to assessing the potential in our new permit," Equinor's senior vice president for international offshore exploration, Paul McCafferty, said in a statement.

The Dorado discovery last year by Quadrant Energy, now owned by Santos Ltd STO.AX , has spurred a revival in exploration off Western Australia, following a slump after oil prices crashed in 2014. is also working on plans to drill in the Great Australian Bight, off the country's south coast, starting in late 2020, despite strong opposition from green groups.

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.