Woodside beefs up Myanmar gas field resource estimates

Australian Woodside has reported an increase in its best estimate contingent resource (2C) by 83 MMboe to 4,481 MMboe following the announcement of two gas discoveries offshore Myanmar in Q1 2016.

Woodside announced the discovery of 32 m net gas pay (increased from an earlier 15 m net gas pay estimate) in the Block A-6 Shwe Yee Htun-1 exploration well and 62 m net gas pay in the Block AD-7 Thalin-1A exploration well, offshore Myanmar.

The company said that the contingent resource estimate is based on technical evaluations of subsurface data and wireline logging results from the two wells.

Woodside CEO Peter Coleman said analysis of the exploratory well data confirms the development potential of both discoveries, with further appraisal and exploration of four to seven wells planned to start in Q1 2017.

“The logical development option for the Thalin-1A discovery is a tieback to the nearby Shwe Field,”  Coleman said. “Our strategy is to fully appraise the discovery in one campaign, thereby facilitating concept select in 2017.”

The Shwe Yee Htun-1 discovery has both tieback and standalone development options. “We recognise additional exploration potential in areas immediately adjacent to the discovery and will target these to ensure any development concept is commensurate with the full block potential,”  Coleman said.

Woodside said that the company’s early success in Myanmar establishes the petroleum system credentials of the Rakhine Basin, where Woodside is one of the largest acreage holders, with interests in six blocks.