Woodside inks PSCs for Myanmar offshore acreage
PERTH, Australia -- Woodside has signed production sharing contracts (PSCs) for Blocks AD-2, AD-5, A-4 and A-7, which were awarded to Woodside in the 2013 Myanmar Offshore Bid Round, the company announced Friday.
Woodside holds operated equity interests of 55% and 45%, respectively, in Blocks AD-5 and A-7, in the southern Rakhine basin. Non-operating interests are held by BG Exploration & Production (Myanmar) (AD-5 and A-7) and Myanmar Petroleum Exploration & Production (A-7).
Woodside also holds non-operated interests of 45% in Blocks AD-2 and A-4, in the northern Rakhine basin. BG Exploration & Production (Myanmar) is the operator of both these blocks and a non-operating interest in Block A-4 is also held by Myanmar Petroleum Exploration & Production.
Execution of the PSCs authorizes Woodside to begin exploration work in the blocks, subject to preliminary environmental approvals.
With exploration activities already underway in Blocks A-6 and AD-7, Woodside now holds interests in six different permits covering a combined area of 46,000 km2. This makes Woodside the largest acreage holder in the emerging Rakhine basin.
“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.
