Woodside Buys Stake in Myanmar Oil, Gas Block

Woodside Petroleum has said that it has bought a 40% participating interest in the Production Sharing Contract in a gas and oil block in Rakhine Basin, offshore Myanmar.

The Australian energy firm has bought the stake in Block AD-7 from Korea’s Daewoo International Corporation. Daewoo will remain operator of the PSC.

The proposal provides the opportunity for Woodside and Daewoo to undertake a 3D seismic acquisition program during the period 2013-2014. The transaction also provides the option to drill an exploration well in a subsequent exploration period.

“The Rakhine deep water basin is an exciting frontier exploration area and Block AD-7 is adjacent to the Daewoo-operated Shwe field development,” Woodside CEO Peter Coleman said.