Woodside signs four PSCs for offshore Myanmar blocks

Woodside Energy Ltd. has signed production sharing contracts (PSCs) for offshore blocks AD-2, AD-5, A-4, and A-7, which were awarded to Woodside in the 2013 Myanmar Offshore Bid Round.

Woodside holds operated equity interests of 55% and 45%, 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% 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 under way 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.

Phil Loader, Woodside’s executive vice president of global exploration, said that the company planned to begin an active program of exploration in the region in 2015 and beyond.

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