12/02/2016 - 10:19

Woodside strikes second Myanmar find

12/02/2016 - 10:19

Bookmark

Upgrade your subscription to use this feature.

Energy giant Woodside Petroleum's decision to search for gas off the coast of Myanmar has proved fruitful so far, with the company announcing its second discovery this year.

Woodside has interests in six blocks in the offshore Rakhine Basin, totalling about 47,000sq kilometres.

Energy giant Woodside Petroleum's decision to search for gas off the coast of Myanmar has proved fruitful so far, with the company announcing its second discovery this year.

Perth-based Woodside said this morning its Thalin-1A exploration well in the Rakhine Basin intersected a 64-metre column of gas, with the well’s total water depth reaching just over three kilometres.

“Following drilling, wireline logging was conducted and confirmed the presence of a gas column through pressure measurements and gas sampling,” the company said.

The discovery follows news in early January that Woodside had discovered gas at its Shwe Yee Htun-1 well, just south of Thalin-1A.

Woodside chief executive Peter Coleman said the two discoveries, at opposite ends of the Rakhine Basin, was a great result for the company.

“These results are very encouraging for the future exploration and appraisal activity, given the significant footprint we have in Myanmar,” he said.

“These discoveries provide evidence of the high quality of offshore Myanmar as an exploration focus area.”

Mr Coleman said Thalin-1A had proved a working petroleum system and a new play type different to that encountered at Shwe Yee Htun-1.

Thalin-1A is located on Block AD-7, which is 40 per cent owned by Woodside and 60 per cent owned by Daewoo International Corporation, with Woodside holding operator status with respect to deepwater drilling.

The joint venture has agreed to acquire an additional 1,200 square kilometres of 3D seismic data over the AD-7 Block’s area, which was recently expanded north to the Myanmar maritime boundary.

The survey is expected to begin in March.

Woodside has interests in six blocks in the offshore Rakhine Basin, totalling about 47,000sq kilometres and represents about 20 per cent of the company’s global exploration acreage.

Woodside shares were 0.6 per cent lower to $26.51 each at 10am.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options