Unlocking Myanmar’s Deepwater Potential: myanmar- .Myanmar-Norway Business Council: 24 May 2016

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  • Myanmar-Norway Business Council: 24 May 2016

    Unlocking Myanmars Deepwater Potential: Woodsides Offshore Exploration 2015/16

  • Unlocking Myanmars Deepwater Potential 224 May 2016

  • About Woodside

    Unlocking Myanmars Deepwater Potential 324 May 2016

    Australias largest

    independent O&G company:

    market cap ~A$23 billion

    A leading global LNG producer:

    25+ years of supply to Asia

    Operation, exploration

    and marketing interests

    in 17 countries

    Operating in Myanmar

    since 2013 through Woodside

    Energy (Myanmar) Pte Ltd

  • Why Myanmar?

    Unlocking Myanmars Deepwater Potential

    424 May 2016

    Under explored deep water

    areas

    Early-mover opportunities

    Aligned to Woodsides core

    deepwater skills and

    technologies

    Partnerships with proven

    operators

    An under-supplied but rapidly

    growing domestic energy

    market; plus export opportunities

  • Woodside Offshore Acreage

    Unlocking Myanmars Deepwater Potential 524 May 2016

    Leading acreage holder in the

    Rakhine Basin (46,000km2)

    Farm-ins to AD-7 and A-6

    early 2013

    o 3D surveys acquired within

    first 12 months in each

    block

    Four blocks awarded in 2013

    offshore bid round; two as

    operator

    o Production Sharing

    Contracts signed March

    2015

  • Joint Venture Structure

    Unlocking Myanmars Deepwater Potential 624 May 2016

    BLOCK PARTICIPANTS SHARE OPERATOR

    Block A-7 Woodside Energy (Myanmar) Pte Ltd 45% Woodside

    BG Exploration & Production Myanmar Pte Ltd (BGEPM) 45%

    Myanmar Petroleum Exploration & Production Company

    Limited (MPEP)

    10%

    Block AD-5 Woodside Energy (Myanmar) Pte Ltd 55% Woodside

    BG Exploration & Production Myanmar Pte Ltd (BGEPM) 45%

    Block A-6 Woodside Energy (Myanmar) Pte Ltd 40% Woodside,

    excepting

    government

    relations

    (MPRL)

    Total E&P Myanmar 40%

    Myanmar Petroleum Resources (MPRL) E&P Pte Ltd 20%

    Block AD-7 Posco Daewoo Corporation (operator) 60% Daewoo &

    Woodside Woodside Energy (Myanmar) Pte Ltd (deepwater drilling

    operator)

    40%

    Block A-4 Woodside Energy (Myanmar) Pte Ltd 45% BG Group

    BG Exploration & Production Myanmar Pte Ltd (BGEPM) 45%

    Myanmar Petroleum Exploration & Production Co. Ltd (MPEP) 10%

    Block AD-2 Woodside Energy (Myanmar) Pte Ltd 45% BG Group

    BG Exploration & Production Myanmar Pte Ltd (BGEPM) 55%

  • An Active Exploration Program

    Unlocking Myanmars Deepwater Potential 724 May 2016

    Most active explorer offshore

    Myanmar in 2015-16.

    Two exploration wells; first

    deepwater discoveries in

    Rakhine Basin

    More than 30,000 km2 of

    seismic acquisition (16,000

    km2 operated).

    Shwe Yee

    Htun-1 well

    Nov 2015

    Thalin-1 well

    Jan 2016

    3D seismic

    Dec 2015

    3D seismic

    Dec 2015

    3D seismic

    April 2016

    2D seismic

    April 2016

  • Challenges of an Emerging Basin

    Unlocking Myanmars Deepwater Potential 824 May 2016

    Proven petroleum system in

    shallow water (Shwe).

    Deep water heightens the

    challenges:

    Limited accessible data

    Complex geology

    Limited infrastructure;supply

    chain

    Long lead times

    Limited weather windows.

    The 2015/16 drilling and

    seismic campaign has

    provided valuable learnings.

    Now gearing towards year-

    round drilling windows.

    Key

    WEM holdings

    3D surveys

    2D surveys

    Expl. wells

  • A-6: Shwe Yee Htun-1 Exploration Well

    Unlocking Myanmars Deepwater Potential 924 May 2016

    37 days drilling / logging, total

    depth of 5306m

    129m gas column; ~32m net

    pay; 0.9 Tcf (2C gross)

    Under budget, no significant

    HSE events

    Multiple channels running over

    a large anticline

    3D seismic to determine extent

    of play

    Preparing for 2017 appraisal

    drilling

    Thalin-1A

    Shwe Yee Htun-1

    Shwe Field

    Yadana Field

    AD-2

    A-6

    AD-5 A-7

    A-4

    AD-7

  • AD-7: Thalin-1A Exploration Well

    Unlocking Myanmars Deepwater Potential 1024 May 2016

    18 days drilling / logging, total

    depth of 3034m

    64m gas column; ~62m net pay;

    1.5 Tcf (2C gross)

    Under budget, no significant HSE

    events

    3D seismic to evaluate further

    prospects

    Preparing for 2017 appraisal

    drilling

    Located adjacent to Shwe field

    (existing third party infrastructure)

    Thalin-1A

    Shwe Yee Htun-1

    Shwe Field

    Yadana Field

    AD-2

    A-6

    AD-5 A-7

    A-4

    AD-7

  • A7 / AD-5 Seismic Campaign

    Unlocking Myanmars Deepwater Potential 1124 May 2016

    18 streamer configuration

    15.6km2 surface area

    Peak acquisition rate of

    160km2 per day survey

    completed in 125 days

    Under budget, no significant

    HSE incidents

    Survey extended into A-6 block

    to build regional knowledge

    PSTM and PSDM

    interpretation to determine

    drillable prospects

    Suitable technical image

  • A Responsible Operator

    Unlocking Myanmars Deepwater Potential 1224 May 2016

    Conducted environmental impact

    assessments prior to all activities

    Engagement with potentially

    affected communities

    Social investment program,

    including:

    Internship Placements at Woodside

    Head Office

    Post-graduate scholarship

    Early Childhood Development

    Program in Ayeyarwady Region

    Capacity building at Pathein

    University marine research

    Flood relief assistance

  • Next steps

    Unlocking Myanmars Deepwater Potential 1324 May 2016

    Four firm appraisal and exploration wells planned for 2017

    Interpret seismic acquired on new permits and progress to drill-drop

    decisions late 2017

    Indicative schematic not to scale

    AD7(Thalin)

    Shwe Platform

    Onshore Gas

    Terminal

    A6 (Shwe Yee Htun)

    Indicative schematic not to scale

    Yadana

    Yangon

    Thalin

    Shwe Yee Htun

    AD-7, Thalin-1A 1.5 Tcf, 2C gross1

    Subsea tieback option via Shwe

    Platform2

    Shwe has design capacity for an

    additional 320 mmscf/d train

    Planned full appraisal before end Q2

    2017

    Targeting Discovery to Concept Select

    in 15 months

    Pipeline gas Myanmar and China

    A-6, Shwe Yee Htun 0.9 Tcf, 2C gross1

    Tieback via Yadana or standalone2

    Focused appraisal to continue volume

    build

    Pipeline gas Myanmar and Thailand

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