Located in the Scotian Basin, off the coast of Nova Scotia, the licenses, 2431, 2432, 2433 and 2434, cover 14,000km² in water depths ranging from 500m to 3600m and will be operated by BP.
The future work program will include the drilling of exploration wells from 2017 and the agreement is subject to government and regulatory approvals.
Woodside Petroleum CEO Peter Coleman said the farm-in was an opportunity to explore an emerging basin with oil potential in line with the company’s international exploration strategy.
"This acreage was high graded as part of our disciplined study of the Atlantic margins and it will complement our position in Morocco."
The company operates four oil floating production storage and offloading vessels in the Carnarvon Basin, North West Shelf and Timor Sea.
Recently, Woodside has signed a binding transaction to acquire Apache’s Australian Wheatstone LNG and Balnaves oil interests and Kitimat LNG project interests in Canada, for $2.75bn.
