OREANDA-NEWS. Woodside advises that it has finalised an agreement with BP to farm in to offshore blocks in the Scotian Basin, located off the coast of Nova Scotia, Canada.

BP accepted Woodside's offer to acquire a 20% participating interest in exploration licences 2431, 2432, 2433 and 2434. BP will remain Operator.

The licences cover 14,000 km2 in water depths ranging from 500-3600m. The future work program is anticipated to include the drilling of exploration wells from 2017.

Woodside 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," Mr Coleman said.

The transaction is subject to required government and regulatory approvals.