Woodside Petroleum Ltd. (ASX: WPL.AX) signed production sharing contracts (PSCs) for offshore blocks that it was awarded in the 2013 Myanmar offshore bid round, the company said March 20.
Executing the PSCs lets Woodside begin exploration work, subject to preliminary environmental approvals, and exploration is underway in blocks A-6 and AD-7.
Woodside now holds interests in six different permits covering a combined area of 46,000 sq km, and is now the largest acreage holder in the emerging Rakhine Basin.
Woodside has 55% and 45% operated equity interests in blocks AD-5 and A-7 in the Southern Rakhine Basin. The company has 45% nonoperated interests in blocks AD-2 and A-4 in the Northern Rakhine Basin.
Non-operating interests are held by BG Exploration & Production (Myanmar) Pte Ltd. holds nonoperating interests in AD-5 and A-7, and Myanmar Petroleum Exploration & Production Co Ltd. holds nonoperating interests in A-7, Woodside said.
Woodside also holds non-operated interests of 45% in each of offshore blocks AD-2 and A-4, located in the Northern Rakhine Basin. BG Exploration & Production (Myanmar) Pte. Ltd. operates both blocks. Myanmar Petroleum Exploration & Production Co. Ltd. holds a nonoperating interest in A-4.
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