Woodside has finalized an agreement with BP to farm in to offshore blocks in the Scotian Basin located off the coast of Nova Scotia, Canada, according to a press release.

BP accepted Woodside’s offer to acquire a 20% participating interest in exploration licenses 2431, 2432, 2433 and 2434. BP will remain operator.

The licenses cover 14,000 sq km (5,405 sq miles) in water depths ranging from 500 m to 3,600 m (1,640 ft to 11,811 ft). The future work program is anticipated to include the drilling of exploration wells from 2017.

The transaction is subject to required government and regulatory approvals.