Ophir Energy signed a production sharing contract (PSC) with the Myanmar Ministry of Energy to finalize the award of Block AD-03, offshore Myanmar.
Upon the terms of the agreement, Ophir will be the operator with a 95% interest in the 10,000sq km block located in the Rakhine basin. The block is on trend with the multi-TCF, producing Shwe gas field.
Ophir will reprocess existing 2D seismic data and will acquire 3D seismic data as part of the initial exploration period.
“Ophir is continuing to act counter cyclically to expand its exploration portfolio,” says Nick Cooper, Ophir CEO. “The Block AD-03 PSC contains multiple mapped prospects with world class potential and we now look forward to completing a 3D seismic survey to refine this prospectivity.”
Image from Ophir.
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