The licences allow Buru and joint venture partner Mitsubishi to produce oil from the field indefinitely.
Under the terms of the licences, the joint venture will be required to pay a net wellhead royalty rate to the state government.
Buru chairman Eric Streitberg said the licence approvals were a historic milestone for Western Australia's Kimberley region, noting it represented the first commercial oil production from the Canning basin since the Blina discovery in 1981.
“It
