Woodside Petroleum has reached another joint venture agreement to expand its exploration interests in Myanmar (Burma).
Myanmar-based MPRL E&P Pte Ltd has accepted Woodside's offer to buy into a block in the Rakhine Basin.
The offer is for a 50 per cent interest in block A-6.
"The proposal provides the opportunity for Woodside and MRPL E&P to undertake a 3D seismic survey program in the block and also provides an option for future drilling," Woodside said in a statement.
The offer is subject to conditions including execution of fully termed agreements, completion of due diligence, and government and other approvals.
MPRL E&P will remain operator of Block A-6 for the current term of the exploration period.
Woodside said the proposed agreement provides Woodside and MPRL E&P with the opportunity to participate jointly in future deepwater bid rounds.
In October, Woodside struck an agreement with Daewoo International Corporation for a production sharing contract in Myanmar for a block in the Rakhine Basin.
