[Myanmar] Australian Firm Signs Oil Exploration Deal

Australian petroleum exploration and production company Woodside Petroleum said on Monday that it has reached a joint venture agreement with Burmese Myanmar Petrolem E&P Pte Ltd to explore Block A-6, located off the Arakan State coast. “The offer is for a 50 percent interest in the block,†the company said. “The proposal provides the opportunity for Woodside and MRPL E&P to undertake a 3D seismic survey program in the block and an option for future drilling.†The deal was subject to further conditions such as due diligence and government approval. In October, Woodside entered into a similar agreement with Daewoo International Corporation for exploration in offshore Block AD-7.