Woodside signs PSCs for Myanmar acreage
- Business & Finance
Woodside has signed production sharing contracts (PSCs) for offshore blocks AD-2, AD-5, A-4 and A-7, awarded to Woodside in the 2013 Myanmar Offshore Bid Round.
Woodside holds operated equity interests of 55% and 45% respectively in offshore blocks AD-5 and A-7, located in the southern Rakhine Basin. Non-operating interests are held by BG Exploration & Production (Myanmar) Pte Ltd (AD-5 and A-7) and Myanmar Petroleum Exploration & Production Co Ltd (A-7). Woodside also holds non-operated interests of 45% in each of offshore blocks AD-2 and A-4, located in the northern Rakhine Basin. BG Exploration & Production (Myanmar) Pte. Ltd. is the operator of both these blocks and a non-operating interest in block A-4 is also held by Myanmar Petroleum Exploration & Production Co Ltd.
According to the company, execution of the PSCs authorises Woodside to begin exploration work in the blocks, subject to preliminary environmental approvals.
With exploration activities already underway in offshore blocks A-6 and AD-7, Woodside now holds interests in six different permits covering a combined area of 46,000 square kilometres. This makes Woodside the largest acreage holder in the emerging Rakhine Basin, the company stated in the press release.
Woodside’s Executive Vice President Global Exploration, Phil Loader, said Woodside planned to start an active program of exploration in the region in 2015 and beyond. “The Rakhine Basin is an emerging oil and gas province that fits very well with Woodside’s proven capabilities in deepwater exploration and development,” Loader said.