MELBOURNE Oct 19 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.