Woodside Petroleum confirmed a viable oil find for its exploration campaign in Myanmar.
Australia’s second-largest oil producer mounted the exploration bid alongside partners BG and Total, after the Myanmar government opened its energy borders five years ago.
Today the firm confirmed the discovery for its Shwe Yee Htun-1 exploration well in the Rakhine Basin off Myanmar’s west coast, which included 15m of net gas pay.
Chief executive Peter Coleman said: “This discovery is an encouraging outcome for future exploration and appraisal activity in the area.
“This de- risks a number of leads which will now be matured.”
Myanmar is thought to have 10 trillion cubic feet of proven gas reserves.