Woodside has confirmed its intention to build its global exploration portfolio by signing a farm-in agreement with Chariot Oil & Gas in the Doukkala Basin off the coast of Morocco.
Under the agreement Woodside acquires an initial 25 per cent participating interest in the Rabat Deep Offshore permits I-VI.
The agreement includes an option to acquire an additional 25 per cent and operatorship in these permits for a capped well carry obligation.
The agreement is also subject to government approvals.
These undrilled permits cover 10,782sqkm and range in depths from 150-3600 metres.
Woodside chief executive Peter Coleman said the farm-in provided an opportunity to secure a large acreage footprint in an emerging petroleum province that was prospective for both oil and gas.
"Exploration in this basin aligns with our strategy to secure new international growth opportunities in frontier and emerging basins characterised by materiality and quality," he said.
"This opportunity has been supported by Woodside's disciplined approach to studying regional petroleum systems, including the Atlantic margins, and is a good fit with our core capabilities in deepwater exploration and production."
Woodside said the Rabat Deep permits complemented its acreage position in the nearby Canary Islands and were a further demonstration of continued efforts to build a global exploration portfolio.
Woodside shares were up 17 cents to $41.79 at 8.20am.