A group led by Texaco Exploration Myanmar Inc. has obtained a third production sharing contract (PSC) off Myanmar.
The latest PSC, with national oil company Myanmar Oil & Gas Enterprise (MOGE), involves the 3.1 million acre Block M-12 off peninsular Myanmar. Partners are Premier Myanmar Ltd. and Nippon Oil Exploration (Myanmar) Ltd.
The group currently holds PSCs for Blocks M-13 and M-14, which Premier acquired in May 1990. Texaco and Nippon Oil acquired a farmout on the earlier two blocks last year (OGJ, Oct. 1991, p. 40).
Texaco is operator of and holds 50% interest in all three blocks. Remaining interests are held by Premier 30% and Nippon 20%.
Texaco on Oct. 8 spudded 1 Yetagun wildcat in 345 ft of water in the southwestern corner of Block M-13. The well targets lower to mid-Miocene sandstone at about 7,000 ft. Proposed total depth is 8,450 ft.
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
