British energy major BP is sharpening the drill-bit for a resumption of exploration drilling off Australia, in its first major testing for a world-class oil or gas find here since it walked away from a controversial plan to drill a well in the Great Australian Bight in 2016.

The multinational explorer and producer received approval late last week to drill the Ironbark well off Western Australia, targeting a significant 15 trillion cubic feet of gas resources. Cue Energy Resources, Beach Energy and New Zealand Oil & Gas are partnering BP in the venture.