Norwegian oil and gas company, Statoil, has revealed plans to explore the Great Australian Bight off South Australia after taking over two of BP's exploration permits.

The companies have signed a swap deal covering four offshore petroleum titles.

Under the deal, Statoil has transferred its 30 per cent equity interest in two of its permits to BP and exited the licences.

The light blue sections show permit areas Statoil will take over from BP. ( Supplied: Statoil )

BP has given its 70 per cent equity interest in two other permits to Statoil and exited those licences.

The National Offshore Petroleum Titles Administrator granted approval for Statoil to takeover the two permits it has 100 per cent equity interest in.

Statoil will need to submit environmental proposals which must be approved by NOPSEMA before any drilling can commence.

Statoil's vice president of exploration in Australasia, Pal Haremo, said the transaction strengthened the company's position in an "unproven basin with a large exploration upside".

"We have a good understanding of the geology in our licence area, based on high-quality 3D data analysis," he said.

"We believe there could be an active petroleum system within our permit area and we are now positioned to test this potential under favourable market conditions for exploration drilling.

The company's Australian manager Jacques-Etienne Michel said the business would take "the necessary time to systematically work through all the preparations needed to drill safely".

"While we are building on the previous work done in these licences, our operational plans will have to be redeveloped," he said.

"In the end, it will be up to the Australian regulatory authorities to grant the necessary approvals for the activity to go ahead."

Australian Petroleum Production and Exploration Association (APPEA) SA director Matthew Doman said Statoil had a good track record and the news was a vote of confidence in the Great Australian Bight's potential as an oil producing region.

Wilderness Society's SA director Peter Owen said oil and gas exploration should never have been allowed in the region and called for the State Government to refuse to grant the change to lease conditions and work program requirements.

Green Senator Sarah Hanson-Young wants Statoil’s plans quashed.

"This is an opportunity to make sure we put to bed the idea of oil drilling in the Great Australian Bight," she said.

"It's too dangerous, it's too risky, and it's going to end up being a disaster for South Australia's economy rather than a boom.

"If an oil spill occurred it would devastate the South Australian coast, our fishing industry, our tourism industry.. it would put oil slick across Kangaroo Island."