Japanese oil firm Inpex has secured approval from Australia's Northern Territory Government to explore the onshore Beetaloo Basin.
The acreage EPNT14-1 is located in Beetaloo Basin, about 500km south east of Darwin.
The company said access to the acreage would provide it with additional potential oil and gas resources for development.
"As a global oil and gas exploration and production company we actively pursue new opportunities to fulfil our growth aspirations."
Inpex Australia Ventures director Tony Pytte said: "While INPEX's primary focus remains the delivery of the flagship Ichthys LNG Project, this announcement opens the door to possible greater INPEX investment in the Northern Territory (NT).
"As a global oil and gas exploration and production company we actively pursue new opportunities to fulfil our growth aspirations. We will work hard to see this NT opportunity succeed," Mr Pytte said.
Inpex tendered for the right to undertake exploration after the NT government's release of acreage in June and July 2014.
The acreage area features 50 blocks totaling about 4,000km², with the nearest town being Daly Waters.
Inpex Australia is active in the Timor Sea and the Carnarvon, Browse and Bonaparte basins. The company is also undertaking measures to further expand its presence in Australia.
The company's portfolio includes the Ichthys LNG project and participating interests in the Bayu-Undan/Darwin LNG, Prelude FLNG and Van Gogh projects and the development of the Ravensworth, Coniston and Kitan oil fields.