Goldpetrol secures 11-year extension for oil fields in Myanmar
Goldpetrol Joint Operating Company has secured an 11-year extension with respect to its improved petroleum recovery contracts (IPRCs) for the Chauk and Yenangyaung fields in Myanmar.
The extension for the fields, which cover 1,800km² in the Myanmar Central Basin, was granted by the Myanma Oil & Gas Enterprise.
Goldpetrol is owned by Singapore-based petroleum exploration and production company Interra Resources with a 60% interest.
The development is expected to enable Interra to use exploration and field development technologies to improve its existing position in the region.
The company is set to sign definitive agreements in connection with the contracts in an effort to accelerate the development of the fields, as part of its strategy to ramp up petroleum production in the country.
Interra Resources CEO Marcel Tjia said: “This 2017 agreement will allow Interra Resources to expand its operations to a higher level, given Myanmar’s economic development potential.
“For Interra Resources, it will create an opportunity to implement the latest advanced oil and gas techniques and technologies to support the country’s ongoing development in this sector.”
In addition to expediting drilling in existing accumulations, the company is planning to look for additional petroleum reservoirs and pools within the next two years.
Advanced field studies are currently being conducted to evaluate the feasibility and effectiveness of achieving certain future development activities.
Aspects covered by the studies include the petroleum reservoir properties and scaling up production in existing wells, as well as infrastructure improvements aimed at optimising oil and gas production.
For the first quarter of this year, the combined field production stood at 70,096 barrels of oil.