WOODSIDE Petroleum has agreed terms with the Australian regulator to cancel two offshore exploration blocks off Western Australia in exchange for investing in other acreage.
Woodside said Blocks WA-464-P and WA-466-P have been cancelled after agreeing on "good standing agreements" with the regulator.
The company had held 55% interests in both permits with Shell holding the remainder.
The good standing agreements require Woodside to spend A$13 million on future re-gazetted exploration acreage or newly-awarded acreage where Woodside is the sole bidder in exchange for drilling a total of five work programme wells in the two permits.
