Woodside's Second Dive Shows High Prospect Water
BMI View : Woodside Petroleum has confirmed its significant interest in acreage in Myanmar after acqui ring a stake in a second offshore block since the beginning of the quarter. The improving regulatory framework has caught the attention of some international oil companies although exploration is still dominated by i nde pendent players based in Asia and Oceania.
Australia-based Woodside Petroleum announced on December 10 that it had acqui red a second stake in Myanmar ' s offshore licen c es. The company will be farming-in to Block A-6 in the Rakhine Basin , sharing an equal interest with private local company MPRL E&P Pte . This development echoes Woodside ' s October entry in to Myanmar, when the company acquired a 40% stake in Block AD-7 , which was formerly fully owned by South Korea ' s Daewoo (see our online service, ' Woodside Latest To Enter Asia's Newest Frontier ' , October 22 2012 ) .
Since the withdrawal of international sanctions on the country, Myanmar has generated a great deal of interest amongst various investors, including i nternational o il c ompanies (IOCs), and has undertaken the steps necessary to improve its regulatory framework. IOCs and independent frontier players have progressively entered Myanmar to undertake exploration , or to boost their asset base s in the country . To tal ' s recent offshore farm-in is a good example (see our online service, May 3 2012, Western IOC's To Join Road To Mandalay,' and see, 'Tot al Takes The Lead,' September 4 ) .
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