Scene from a helicopter overlooking the Great Australian Bight

BP moves to sell part of Bight stake

Australia

MELBOURNE, May 19, 2015 – BP is planning to cut its stake in the Great Australian Bight project off southern Australia to between 40 percent and 50 percent, Bloomberg reported on Tuesday.

The company currently holds a 70 percent stake in the project, and aims to begin the sales process in the second half of 2015. Norway’s Statoil holds the remaining 30 percent stake.

Speaking at the Australian Petroleum Production & Exploration Association conference on Tuesday, Bryan Ritchie, BP’s vice president of exploration for Asia Pacific, also said that the company is looking for opportunities to work with other companies in the Bight in order to save money and gain efficiencies. Chevron and Santos also have holdings in the region.

An exploration campaign with an estimated cost of more than A$1 billion ($800 million) is scheduled to begin in October 2016. Four wells are due to be drilled, with the drilling to be carried out in two stages.