Australian oil and gas giant Woodside announced on Monday, December 10, that its offer to farm-in, or operate, the A-6 Block in Burma’s Rakhine Basin has been accepted.
It said it will assume a 50 percent share of the block alongside MPRL E&P Pte Ltd, which in 2007 signed a production-sharing agreement with the Myanma Oil and Gas Enterprise for Block A-6.
The offer, it says, is subject to certain conditions including execution of fully-termed agreements, completion of due diligence, and necessary government and other approvals.
“The proposal provides the opportunity for Woodside and MRPL E&P to undertake a 3D seismic survey program in the block and also provides an option for future drilling,” Woodside said in a statement, adding that MPRL E&P will remain operator of Block A-6 for the current term of the exploration period.
“The proposed agreement also provides Woodside and MPRL E&P with the opportunity to participate jointly in future deepwater bid rounds,” the statement said.
“This farm-in grows Woodside’s existing interests in Myanmar. In October 2012 the company announced acceptance by Daewoo International Corporation of its offer to farm-in to the Production Sharing Contract for Block AD-7, also in the Rakhine Basin,” it said.