The PSC award is subject to finalization of terms with the MOE; and Tap will hold a 35.625 percent interest with Roc Oil Company Limited operating the license on behalf of its Joint Venture (JV) participants.
The block award includes provisions for the JV to undertake an 18 month Environmental Impact Assessment and Study Period, following which it has an option to proceed into a three year exploration work program.
Tap’s Managing Director/CEO, Troy Hayden, said:
“We are pleased with the successful tender for the shallow water Block M-7 in offshore Myanmar as it represents portfolio diversification and the addition of exploration upside potential in one of our core focus areas of South East Asia.
“Myanmar is potentially a world class hydrocarbons province and as part of Tap’s South East Asian growth strategy, we look forward to working closely with our Joint Venture on this exciting opportunity in what is currently Myanmar’s most prolific offshore oil and gas basin.”
The 5,019 square mile (13,000 square kilometer) Block is located in the gas and condensate prone Moattama basin, offshore Myanmar. The Block is 99 miles (160 kilometers) East of the 6.5 trillion cubic feet (Tcf) Yadana gas field, and 68 miles (110 kilometers) North East of the 1.5 Tcf Zawtika gas field.M07 area.
The Moattama basin is Myanmar’s most prolific offshore hydrocarbon province, with existing production from two offshore fields and a third field close to production commencement. Production is typically from stacked Miocene clastic reservoirs.
MYANMAR 2014 PRODUCTION SHARING CONTRACT M07
Location: Moattama basin, offshore Myanmar
Production Sharing Contract: M07
Joint Venture Participants
ROC (Operator): 59.375 percent
Tap: 35.625 percent
Smart E&P International Limited: 5 percent