Woodside's CNPC farm-in makes it Myanmar's largest acerage holder

Woodside will be the largest holder of offshore acerage in Myanmar following the farm-in to three CNPC blocks, the firm’s executive vice president of global exploration Phil Loader has said.
 
The firm currently holds operator responsibilities for AD-5 and A-7 in the Rakhine offshore area, is the joint operator in A-6 and AD-7, and a non-operator in AD-2 and A-4.
 
The deal with CNPC would see it farm-in to three more blocks, AD-1, AD-6 and AD-8. The farm-in was concluded in the last two weeks, and is still subject to various approvals.
 
The three blocks are near the Shwe offshore area operated by Posco Daewoo. Loader said that in addition to being the largest acerage holder in Myanmar, the firm has taken advantage of the downturn in the industry in cost to acquire seismic over all our acerage. 
 
“We have 46,000 sq km of 3D. That’s a hell of a lot of data,” he said in a 23 May presentation hosted online for Woodside’s Investor Day.
 
Loader said that there is sufficient scale in Woodside’s northern Rakhine Basin area to achieve commerciality, but the uncertainty is whether it should go through Shwe or will it be sufficient for a standalone. 
 
“These are the decisions we will come to in this period in 2017 and early 2018,” he said. “Truly exciting time for an explorer in basin that’s basically never been drilled in deep water.”
 

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