October 22, 2012
By Esmarie Swanepoel
Australian oil and gas major Woodside has bought a major stake in an oil and gas exploration permit offshore Myanmar.
Woodside CEO Peter Coleman said on Friday that the proposal provided Woodside and project owner Daewoo International Corporation the opportunity to undertake a three-dimentional seismic acquisition programme during 2013/14.
The transaction also provided the option to drill an exploration well in a subsequent exploration period.
Coleman noted that the offer demonstrated the company’s commitment to secure international growth opportunities in frontier and emerging basins that leveraged Woodside’s core capabilities, especially in deep-water exploration.
“The Rakhine deep-water basin is an exciting frontier exploration area and Block AD-7 is adjacent to the Daewoo-operated Shwe field development.”
The miner said that the offer was for a 40% participating interest in the production sharing contract and was subject to the execution of fully termed agreements, completion of due diligence, and the necessary government and other approvals.
Daewoo would remain the operator in the production sharing contract.
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