Woodside Energy
Created: 21-05-2015 , Last update: 24-12-2020
Contact Details
| Woodside Energy | |
| Vantage Tower, Level 6 623 Pyay Road Kamaryut Township Yangon Myanmar | |
| Yangon | |
| Myanmar | |
| www.woodside.com.au |
Management
| Name | Position | Phone | |
|---|---|---|---|
| Michelle Grady | Country Manager, Myanmar (Incoming) | michelle.grady@woodside.com.au | |
| Vanessa Martin | General Manager Commercial | vanessa.martin@woodside.com.au | |
| Tony Almond | Exploration Manager | tony.almond@woodside.com.au | |
| Phyu Phyu Win Oo | Myanmar Operations Manager | phyuphyu.winoo@woodside.com.au | |
| Bruce Towie | bruce.towie@woodside.com.au |
Key Information
| 1954 | |
| Integrated oil and gas company based in Australia, with activities in exploration, production, distribution and transportation. Interests in various blocks in Myanmar, in partnership with other E&P companies. Participated in the 2013-4 bidding rounds. The company holds stakes in five offshore blocks in Myanmar: A-6, AD-7, A-7, AD-1 and AD-8, and has allowed contracts to expire on four blocks: AD-6, AD-5, A-4 and AD-2. Woodside and China National Petroleum Corporation co-operate the AD-1 and AD-8 offshore block, with each company holding a 50% stake. It is the operator for deep-water drilling in A-7, with a 45% stake. Its partners are MPEP (10%) and Shell (45%). | |
| Updates May 2016 Woodside announced revised estimates for its offshore Myanmar gas reserves, increasing the best estimate by 83 million barrels of oil equivalent (MMboe) to 4,481MMboe. Myanmar was to be a key area of activity for the firm in 2017. January 2017 Woodside said it was planning one appraisal well in each of A-6 and AD-7 in 2017, with further wells a possibility depending on internal assessments and partner agreement. In April 2017, it confirmed it was adding one more well in A-6 on the strength of its interpretation of seismic data. May 2017 The firm said it is awaiting approval to farm in to three offshore blocks owned by CNPC, specifically AD-1, AD-6 and AD-8. It is to take 50% of each block and be joint operator. October 2017 Media reported the firm had finished its drilling program fro the year, also cancelling a seismic tender until 2018. Other October reports said the firm's CEO would visit before the end of the year to personally assess the Rakhine crisis. December 2017 Its Myanmar best estimate contingent resources was listed as 467.5 bcf of dry gas April 2018 The firm confirmed plans for two offshore exploration wells in Myanmar beginning with AD-1 in May and then one in A-7, as well as one more appraisal well planned for A-6 though still subject to approval. The firm has hired a Transocean vessel for the project, with an option for an additional five wells. October 2018 The firm noted its A-6 appraisal well had been successful, though its A-7 well found only a non-commercial gas discovery. November 2018 Company officials met with U Phyo Min Thein on 5 November 2018 to discuss LNG-to-power. February 2019 Woodside's 2019 activities in Myanmar are focused on moving the discovered volumes in blocks A-6 and AD-1 to development, the Australian firm said in its 2018 annual report released on 14 February 2019. April 2019 Consultation process started for offshore drilling at AD-1 and AD-8. Meetings held with local residents and firm released stakeholder consultation document outlining general plans. July 2019 The firm and its partners in its nine oil and gas concessions in Myanmar have submitted annual updates on their activities to the Myanmar Investment Commission (MIC). August 2019 The firm is making progress in its plans to begin producing at the A-6 offshore block, according to the company’s recently released financial report for H1 2019. Also in the H1 2019 report, Woodside reaffirmed its plan to lead a fourth drilling campaign in Myanmar in 2020 and 2021. The company stated that “both exploration and appraisal wells are under consideration”. In late August, the firm submitted the EIA for its planned drilling campaign at the AD-8 offshore block to the Ministry of Natural Resources and Environmental Conservation (MONREC). It has already submitted the EIA for its AD-1 drilling campaign. The company plans to start drilling at both blocks in 2020. At AD-8, it will drill up to eight exploration wells over five years. December 2019 The company highlighted the A-6 offshore block in Myanmar as one of four projects that would enable the company to triple its reserve base to 3.7 billion barrels in the next seven years. February 2020 The company published an update in which it revealed that it has invested $400m in E&P in Myanmar since entering the country. It has also paid $14m in taxes since 2014. Woodside and its partners have also spent $3m on obtaining environmental approvals and environment-related projects and partnerships. It has spend $3.2m on "social investments". The same month, the A-6 block holders met with deputy energy minister U Tun Naing to discuss plans for the block including the ESIA, survey work, the final investment decision and possible CSR activities to implement for local communities. March 2020 Woodside and its partner the in AD-5, A-4 and AD-2 blocks Shell allowed the PSCs for all three blocks to expire in 2019. In its annual report, Woodside noted it on track to conduct its fourth campaign at AD-1 and AD-8. The company also stated that finalising sales agreements for the A-6 development will be a key goal of 2020. April 2020 Woodside announced significant cuts to its operating and investment budgets for 2020 in light of the COVID-19 pandemic. The company did not announce any specific delays related to the A-6 development or its upcoming Myanmar drilling campaign at the time. The same month, the company and its partner CNPC allowed the PSC for AD-6 block to expire. July 2020 The Environmental Conservation Department (ECD) is asking interested parties to submit feedback on AD-8 exploration drilling EIA. The same month, pre front-end engineering and design (FEED) activities are ongoing for the A-6 offshore development and the company is revising its exploration drilling plans for Myanmar as a result of the pandemic’s impacts, according to the company’s released results for Q2 2020. Also in July, the company received approval from the ECD for the EMP on additional exploration drilling at AD-1. August 2020 The company pushed back its upcoming drilling campaign to H1 2021. September 2020 Total E&P Myanmar extended its Metocean survey works at the A-6 offshore block. October 2020 Total E&P Myanmar announced that it is engaged in scoping in preparation for the EIA for the A-6 offshore development and Environmental Resources Management and local Environmental Quality Management will conduct the EIA. The same month, the target for front-end engineering design (FEED) entry for the A-6 development has been pushed to 2021, according to Woodside’s Q3 results. December 2020 Woodside announced that it would drill exploration wells at AD-1, AD-8 and A-7 between December 2020 and January 2021 using the Dhirubhai Deepwater KG2 ultra deepwater drillship. In the same month, Union Minister of Energy and Electricity U Win Khaing said that A-6, for which Woodside serves as the technical operator, would produce gas in FY 2023/24. | |
| Woodside Energy (Australia) |
Financial Statements
| (Group figures) | 2014 | 2015 | 2016 |
|---|---|---|---|
| Revenues | $7.4bn | $5bn | |
| Net profit after tax | $2.4bn | $26m | $868m |
Operations Data
| AD-1 Announced in May 2017 it is awaiting approval to farm in to three offshore blocks owned by CNPC, specifically AD-1, AD-6 and AD-8. It will hold 50% of the block and joint operatorship along with CNPC, which will also hold 50% and be joint operator if various conditions are met In August 2017, it announced it proposed to drill one well in AD-1, beginning as soon as November 2017, located 60 miles from the Myanmar coast. This did not occur. In January 2018, MOGE announced a well would be drilled in mid-2018 in AD-1. In April 2018, Woodside confirmed the well would be called Aung Siddhi-1 and drilled in May. The Aung Siddhi-1 well in AD-1 intersected gas in two primary targets. The upper target intersected a 60 metre gross gas column with an intepretend 10 metres of net gas pay, and the lower target intersected a 45 metre gross gas column with an interpreted 16 meteres of net gas pay. AD-2 45% share, with Shell (formerly BG) as operator holding 55%. The PSC for the block was allowed to expire in 2019. AD-5 55% share, operator Shell (formerly BG) holds 45% It August 2017, it announced plans to undertake a drilling program in AD-5 beginning in 2018. The area to be drilled is at least 56 miles from the Myanmar coast. The PSC for the block was allowed to expire in 2019. AD-6 Announced in May 2017 it is awaiting approval to farm in to three offshore blocks owned by CNPC, specifically AD-1, AD-6 and AD-8. It will hold 50% of the block and joint operatorship along with CNPC, which will also hold 50% and be joint operator if various conditions are met AD-7 Woodside has 40% share Posco Daweoo holds 60% and is operator in most respects, though Woodside also has some operation responsibilities Woodside farmed in in 2012 In February 2016, the firm reported the discovery of a significant gas field at its initial Thalin-1A well in the AD-7 block In April 2017, the firm said its Thalin-1B appraisal well in Block AD-7 spudded in late February. Thalin-1B is a re-entry and side-track of Thalin-1A, and has acquired 99m (100% recovery) of core and wireline logs over the objective reservoir interval. Tests from the lower reservoir section of Thalin-1B demonstrated sustained flow rates of about 50mmscf/d for a 50 hour flow period on a 48/64 inch choke, indicating excellent reservoir quality. Thalin-1B has a water depth of 836m and a total depth of 3,025m. Thalin-1B is to be followed by the Thalin-2 appraisal well, also in AD-7, later in 2017. Thalin-2 has a water depth of 836m and a proposed depth of 3,020m. The firm is also planning the Khayang Swal exploration well in AD-7 in Q3 2017, with a total depth of 3,815 metres Khayang Swal was declared to be a dry hole in October 2017. Posco Daewoo noted in April 2018 the firm and Woodside are still discussing drilling plans for the block. AD-8 Announced in May 2017 it is awaiting approval to farm in to three offshore blocks owned by CNPC, specifically AD-1, AD-6 and AD-8. It will hold 50% of the block and joint operatorship along with CNPC, which will also hold 50% and be joint operator if various conditions are met A-4 45% share Shell (formerly BG) as operator with 45% MPEP (part of the MPRL group of companies) has 10% The PSC for the block was allowed to expire in 2019. A-6 40% holding, joint operator Other owners are Total at 40% and MPRL at 20% Woodside farmed in in 2012 The firm announced in January 2016 that the Shwe Yee Htun 1 exploration well had intersected a gross gas column of approximately 129 metres, interpreting a net gas pay of around 15 metres within the primary target interval. In April 2017, the firm announced it had added one more firm well to its 2017 plans, following interpretation of seismic data identifying an additional low-cost exploration target with upside potential in Block A-6. The Pyi Thit-1 well spudded in June 2017, and the Pyi Tharyar well is planned for Q3 2017. In August 2017, Woodside claimed Pyi Thit-1 intersected a gross gas column of about 65 metres. Within the primary target sandstone reservoir, the firm interpreted a net gas pay interval of about 36 metres. The firm also drilled the Pyi Tharyar-1 well in Q3 2017, which was sub-commercial As of February 2018 it had no firm plans for drilling in A-6 in 2018, with plans listed as contingent on 14 February. In April, it said the well is planned for Q3 but still subject to JV / government approval. The A-6 consortium announced in September 2018 it had successful drilled the Shwe Yee Htun-2 appraisal well in the block, with formation evaluation results indicating a gas column and net pay thickness that “substantially exceeds prior expectations”. The success was later highlighted at a government press conference. A-7 45% share Other owners are Shell at 45% and MPEP (part of the MPRL group of companies) at 10% Woodside is operator for deep-water drilling In August 2017, Woodside announced plans to begin a drilling campaign in A-7 in 2018, at least 15 miles from the coast. The well is scheduled for May 2018, to be the second of its 2018 offshore campaign. The Dhana Hlaing-1 exploration well in A-7 spudded on 26 June 2018, and was plugged and abandoned on 18 July. Assessments are ongoing, Woodside said in July. In October, it said the gas level was non-commercial. |
| Block | Woodside's Stake | Partners |
|---|---|---|
| A-6 | 40% (joint operator) | MPRL (20%) (joint operator), Total (40%) |
| AD-7 | 40% (joint operator) | Posco Daewoo (60%) (joint operator) |
| A-7 | 45% (operator) | Shell (45%), MPEP (10%) |
| AD-5 | 55% (operator) | Shell (45%) |
| A-4 | 45% | Shell (45%) (operator), MPEP (10%) |
| AD-2 | 45% | Shell (55%) (operator) |
| AD-1 | 50% (joint operator) | CNPC (50%) (joint operator) |
| AD-6 | 50% (joint operator) | CNPC (50%) (joint operator) |
| AD-8 | 50% (joint operator) | CNPC (50%) (joint operator) |