Tap Oil signs for Myanmar block
NAYPYIDAW, August 27, 2015 – Australian upstream operator Tap Oil has signed a production-sharing contract for a shallow-water block in Myanmar’s offshore Moattama Basin.
The contract grants Tap Oil a 95-percent operated stake in Block M-7, to be developed with local joint venture partners Smart E&P International. The companies have agreed to carry out an 18-month environmental and social impact assessment, along with other studies at the licence.
The asset is situated around 70 kilometres northeast of the Zawtika gasfield and around 160 kilometres east of the Yadana gasfield, which boast gas reserves of 42.5 bcm (1.5 tcf) and 184 bcm (6.5 tcf), respectively.
Estimated expenditure is pegged at $2.75 million during this period, with a minimum requirement of $2 million. Following this, the joint venture will have the option to proceed to a three-year exploration programme.
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