Australia's Woodside Petroleum Ltd. reported Friday an increase in its best estimate contingent resource (2C) by 83 million barrels of oil equivalent (MMboe) to 4,481 MMboe following the announcement of two gas discoveries offshore Myanmar in first quarter 2016 (1Q 2016).
Woodside announced the discovery of 105 foot (32 meter) net gas pay (increased from an earlier 49 foot or 15 meter net gas pay estimate) in the Block A-6 Shwe Yee Htun-1 exploration well and 203 feet or 62 meter net gas pay in the Block AD-7 Thalin-1A exploration well.
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 commence in 1Q 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 recognize 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.
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.
Reserves and Resources as at Dec. 31, 2015:
The Woodside reserves and resources presented in the Annual Report 2015 will increase as follows:
Best Estimate Contingent Resource (2C) increase by 83 MMboe to 4,481 MMboe
Shwe Yee Htun (gas) – reported according to Woodside’s economic interest
Thalin (gas) – reported according to Woodside’s economic interest
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