Australian energy giant Woodside Petroleum has reported a significant increase in the estimated reserves of two fields off Myanmar where it discovered gas earlier this year, reports said last week.
In a filing to the Australian Stock Exchange on May 20, Woodside said it has increased the estimate of the reserves by 83 million barrels of oil equivalent (MMboe) to 4,481 MMboe.
Woodside announced in April that exploration wells in the Thalin field in block AD-7 off Rakhine State and the Shwe Yee Htun field in block A-6 mainly off Ayeyarwady Region, had discovered gas. Woodside owns 40 percent of the two fields.
Analysis of the exploratory well data confirmed the development potential of both discoveries, Woodside chief executive Peter Coleman told a May 20 presentation to investors in Perth, where the company is based.
“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,” Coleman said, AAP newsagency reported.
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He said further appraisal and exploration of four to seven wells was expected to start early next year.
The drilling program off Myanmar next year would accelerate options for commercialisation, investors were told.
In its filing to the ASX, Woodside said its discoveries had established the “petroleum system credentials” of the Rakhine Basin, where the company is one of the largest acreage holders, with interests in six blocks.
