Woodside Inks 4 PSCs for Blocks Awarded in 2013 Myanmar Offshore Bid Round

Woodside Energy Ltd. reported Friday that the company 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 percent and 45 percent 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 percent 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.

Execution of the PSCs authorizes 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 17,760 square miles (46,000 square kilometers). This makes Woodside the largest acreage holder in the emerging Rakhine Basin.

Woodside’s Executive Vice President Global Exploration, Phil Loader, said Woodside planned to commence 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.