Wood­side’s Myan­mar play – Australian oil andgas com­pany up­beat on prospects

Mizzima Business Weekly - - CONTENTS -

Aus­tralia’s Wood­side oil and gas com­pany is up­beat on gas finds in Myan­mar’s off­shore oil and gas fields. Mizzima Busi­ness re­porter Aung Thura sat down with vis­it­ing Wood­side Se­nior Vice Pres­i­dent Cor­po­rate and Le­gal Ex­ec­u­tive Mr Michael Ab­bott for an ex­clu­sive interview for Mizzima Weekly and Mizzima TV.

In the fol­low­ing interview, Mr Ab­bott dis­cusses prospects for the oil and gas sec­tor in Myan­mar, his com­pany’s plans, deal­ing with the new gov­ern­ment, and the com­pany’s CSR pro­gramme, in which they have spent US$400,000 so far. The com­pany has so far in­vested US$200 mil­lion in its Myan­mar “play.”

Aung Thura: When we look at Australian in­vest­ment in Myan­mar from 1988 to 2015, there is no ma­jor in­vest­ment in the coun­try. But in 2015 we see ANZ, the Australian and New Zealand bank and Wood­side. With re­gard to Wood­side, what is your vi­sion and mis­sion in Myan­mar?

Mr Michael Ab­bott: Well I un­der­stand we are prob­a­bly the big­gest Australian in­vestor in Myan­mar now. So from our per­spec­tive it is an in­ter­est­ing place to be, it has an in­ter­est­ing hy­dro­car­bon in­dus­try. We have had two ex­ploratory wells drilled at the end of last year, be­gin­ning of this year. For us, that is very ex­cit­ing. It means it is an es­tab­lish­ing emerg­ing hy­dro­car­bon in­dus­try but these two wells are what we call ‘new plays’ that shows new po­ten­tial. So we would cer­tainly like to de­velop those com­mer­cially as soon as we can. We have a drilling cam­paign for four more wells over the next twelve months, again, ex­plo­ration ap­praisal wells, which will hope­fully add fur­ther vol­umes to those ex­ist­ing dis­cov­er­ies. And, at the same time, we are look­ing how we can com­mer-

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