Woodside ups Myanmar gas resource estimate

Woodside ups Myanmar contingent resource

Australian LNG player Woodside on Friday increased its estimated contingent resource (2C) by 83 MMboe to 4,481 MMboe following two gas discoveries offshore Myanmar in Q1 2016. 

Woodside discovered  32 m net gas pay (increased from an earlier 15 m net gas pay estimate) in the Block A-6 Shwe Yee Htun-1 exploration well and 62 m net gas pay in the Block AD-7 Thalin-1A exploration well, the company’s statement reads.

Peter Coleman, Woodside’s CEO, said further appraisal and exploration of four to seven wells planned to commence in Q1 2017.

He added that the Thalin-1A discovery could be tied back to the Shwe Field and is looking to fully appraise the discovery in one campaign facilitating the selection of development concept in 2017.

The Shwe Yee Htun field contingent resource (2C) is 895 Bcf dry recoverable gross gas, of which Woodside’s net economic interest is 209 Bcf. The Thalin field contingent resource is 1510 Bcf dry recoverable gross gas of which Woodside’s net economic interest is 260 Bcf, Woodside said in its report.

Woodside holds 40 percent interest in both blocks, the A-6 and the AD-7 under a production sharing contract with the Myanmar government. The company has interest in six blocks in the Rakhine Basin.

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