International natural gas is shaping up as one of 2016’s most interesting spots in energy. Given that prices in many world markets are still running high, even as valuations for E&Ps subside.
And one of those markets is in Southeast Asia — where the year’s most interesting natgas drilling discovery just got a whole lot more substantial.
That’s in the offshore of Myanmar. Where Australian petro-major Woodside Energy said late last week it has hit on a second consecutive well in this virgin territory — with the results looking even better than the initial discovery well.
Woodside announced last Thursday that its Thalin-1A exploration well in Block AD-7 in the Rakhine Basin intersected a gross gas column of 64 meters — showing a significant thickness of target horizon here.
The bigger number however, was the net pay (the thickness of strata within a target zone that actually contains natural gas) which came in at 62 meters — more than quadruple the 15 meters of net pay that Woodside found in its initial Shwe Yee Htun-1 exploration well.
That shows the reservoir quality in the Myanmar offshore play may be better than initially suspected. And here’s the most important thing about this new drilling: Woodside’s latest well is a full 375 kilometers away from the initial drill site. Suggesting huge potential for the productive basin here.
As the map below shows, the Thalin-1A well is at the very north end of Woodside’s acreage in the Myanmar offshore (dark blue blocks). Whereas the original Shwe Yee Htun-1 well was located near the southern edge of the project area.
Reuters/Nozim Kalandarov
Woodside’s latest well has proved natural gas at the far northern end of its project area in the Myanmar offshore (source: Woodside Energy)
More than ever, these emerging results make this a play to watch as 2016 continues. Local gas pricing is strong — and there are a number of other majors and juniors who have grabbed acreage in Myanmar recently, and will undoubtedly be following on the heels of these discoveries.
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