Woodside agrees on deal for second offshore Myanmar license

12/10/2012

Woodside agrees on deal for second offshore Myanmar license

BY STEPHEN BELL

PERTH -- Woodside Petroleum said it will acquire a 50% stake in a second exploration license offshore Myanmar, expanding its overseas footprint further as it seeks to reduce a reliance on Australian gas developments for growth.

Woodside's offer to acquire the interest in block A-6 in Myanmar's Rakhine basin has been accepted by license owner MPRL E&P, Woodside said in a statement on its website.

The deal, which is subject to several conditions including due diligence and government approvals, provides an option for future drilling, the company said.

"The proposed agreement also provides Woodside and MPRL E&P with the opportunity to participate jointly in future deepwater bid rounds, it added." It follows Woodside's deal in October to acquire a 40% stake in Daewoo production sharing contract for block AD-7, also in the Rakhine basin.

Dow Jones Newswires

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