AusBN - Australian energy firm Woodside Petroleum (ASX:WPL) has announced its third natural gas discovery off the coast of Myanmar since 2016 following an exploration campaign.
The Pyi Thit-1 well was drilled to a total depth of 4,570 metres before wireline logging confirmed the presence of a gas column through pressure measurements and gas sampling.
Woodside’s CEO Peter Coleman said the Pyi Thit-1 discovery was another success story in an underexplored region of Southeast Asia.
"This result builds on our understanding of the potential resources in the Southern Rakhine Basin and will further inform our consideration of development options," said Coleman in a statement.
Since military rule ended in Myanmar under the 2010 elections, sanction pressures have eased giving foreign investors such as Woodside greater business opportunities in the nation.
Woodside owns operations and exploration licenses in Senegal, Morocco, Ireland and Peru along with a number of oil and gas assets in Australia, including a 13% interest in the Wheatstone LNG project.