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March 22, 2015

Woodside signs PSCs for four Myanmar offshore blocks

Woodside has signed production sharing contracts (PSCs) for Myanmar offshore blocks AD-2, AD-5, A-4 and A-7.

By admin-demo

Woodside has signed production sharing contracts (PSCs) for Myanmar offshore blocks AD-2, AD-5, A-4 and A-7.

The AD-5 and A-7 blocks are located in the southern Rakhine basin, while AD-2 and A-4 are situated in the northern part of the basin.

Woodside operates and holds a 55% and 45% interest in AD-5 and A-7 respectively.

"The signing of PSCs will allow Woodside to start exploration work in the blocks, subject to preliminary environmental approvals."

BG Exploration & Production (Myanmar) holds non-operating interests in the AD-5 and A-7 blocks, and Myanmar Petroleum Exploration & Production owns a stake in A-7.

Woodside owns non-operated interests of 45% in the AD-2 and A-4 blocks.

BG Exploration & Production (Myanmar) operates both the blocks and Myanmar Petroleum Exploration & Production holds a non-operating interest in A-4.

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The signing of PSCs will allow Woodside to start exploration work in the blocks, subject to preliminary environmental approvals.

Exploration activities are continuing in the A-6 and AD-7 blocks. Combined with its interests in two other offshore blocks, Woodside has a stake in a combined area of 46,000km².

Woodside executive vice-president for global exploration Phil Loader stated that the company planned to start an active exploration programme in the region.

"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.

Woodside has an office in Yangon to support its exploration activities in Myanmar.

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