Australia's Woodside Energy has signed production sharing contracts (PSCs) for offshore blocks AD-2, AD-5, A-4 and A-7, offshore Myanmar, paving the way for the company to start exploration work in the basin.
The Blocks were awarded to the company in the 2013 Myanmar Offshore Bid Round. According to the PSCs, Woodside will hold operated equity stakes of 55% and 45% in offshore blocks AD-5 and A-7, in the southern Rakhine basin, respectively, alongside partners BG Exploration and Production (Myanmar), and Myanmar Petroleum Exploration and Production Co.
Woodside will hold non-operated interests of 45% each in Blocks AD-2 and A-4, in the northern Rakhine basin, with BG Group as operator and Myanmar Petroleum as a partner in Block A-4.
“Woodside planned to commence an active program of exploration in the region in 2015 and beyond,” said the company’s executive vice president for global exploration, Phil Loader.
“The Rakhine basin is an emerging oil and gas province that fits very well with Woodside’s proven capabilities in deepwater exploration and development.”
Execution of the PSCs authorizes Woodside to start 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 46,000sq km, offshore Myanmar.