Woodside Ups Offshore Gas Discoveries

Published at 08:03AM - 23/05/16

Woodside Petroleum has upped its estimates of gas reserves on two offshore discoveries it made in Myanmar earlier this year.

The estimated size of contingent resources in two blocks has been raised by 83 million barrels of oil equivalent (mmboe) to 4481 mmboe, the equivalent to 2.4 trillion cubic feet of gas, the company informed.

“We recognise additional exploration potential in areas immediately adjacent to the discovery and will target these to ensure any development concept is commensurate with the full block potential,” Woodside CEO Peter Coleman, said.

Woodside Ups Offshore Gas Discoveries

The Australian company and its partners had made two gas discoveries earlier this year, in the Bay of Bengal.

In January, the firm announced the discovery of a 423.2 feet gas column at the Shwe Yee Htun-1 well in block A-6, where Woodside holds a 40% stake in the block, while Myanmar Petroleum Resources holds 20% and Total, 40%.

In February, the company announced a discovery at block AD-7, with a 210-feet column, off the coast of Rakhine State, where Woodside owns a 40% stake and Daewoo International, 60%.

Tieback Confirmed

According to Coleman, the analysis of the exploratory well confirms that both findings have the potential to be developed. “The logical development option for the Thalin-1A discovery is a tieback to the nearby Shwe field,” he said.

An Electricity and Energy Ministry official told the press that the latest discoveries show “a promising sign for Myanmar offshore, even though it is not a very big reserve”.

Woodside was awarded two offshore blocks in a government bidding round and now holds interest in six blocks located in the Rakhine basin.

Myanmar has gas reserves totalling 16.5 trillion cubic feet, divided among the Yadana, Yetagun, Shwe and Zawtika producting fields.