Woodside Petroleum has reached a deal to explore for oil and gas in
Myanmar with South Korea's Daewoo International Corp, giving the
Australian firm a foot in the door in what is seen as a highly promising
new oil and gas frontier.
Woodside said on Friday that Daewoo has agreed to give it a 40 percent
stake in a production sharing contract in Block AD-7 in the Rakhine
Basin, in the western offshore area of Myanmar, next to Daewoo's Shwe
field development.
The deal gives Woodside a leg up over other western energy companies
eager to get into Myanmar, which is opening up after nearly 50 years of
military rule.
"The Rakhine deep water basin is an exciting frontier exploration area,"
Woodside Chief Executive Peter Coleman said in a statement.
Woodside is among several companies, including ConocoPhillips, Hess
Corp, Royal Dutch Shell , BP and BG Group, lining up to get into
Myanmar, through a planned oil and gas exploration tender.
Woodside declined to comment on the tender, which the government
recently postponed in order to ensure it met strict standards on
transparency, environmental protection and social impacts expected by
western companies.
Daewoo and Woodside plan to run seismic tests in 2013 and 2014 on the
Rakhine block, with an option to drill an exploration well later.
Source: Reuters Africa
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