RANGOON — A joint venture that includes local oil and gas extraction company MPRL E&P, led by business tycoon Michael Moe Myint, has discovered a new gas field in late November, the firm revealed in an announcement on Monday.
Located at the Shwe Yee Htun-1 exploration well in offshore block A-6, the field is believed to reach a depth of 17,408 feet, including some 6,670 feet of water. The announcement also said that a gas column of 129 meters was found, consisting of an estimated 15 meters of net gas pay.
Additional data is still being evaluated.
Moe Myint said that he is “pleased and proud that MPRL, as a company with limited resources in a difficult environment, succeeded in unraveling a new petroleum area in a frontier basin.”
“Our efforts are of interest to international oil companies. We’ve finally been able to contribute to a project that could be a world-class discovery,” Moe Myint said in the company’s statement.
The latest find is part of the company’s exploration of block A-6, an endeavor initially put in motion in 2007. MPRL carried out 2-D and 3-D surveys of the site in 2009 and 2010.
MPRL holds a 20-percent interest in block A-6. Woodside Petroleum, an Australian gas exploration and production company, and Total, another firm, each hold a 40-percent interest.
“MPRL is looking forward to evaluating this discovery with the help of Woodside and Total, with the aim of proving commerciality for all stakeholders,” Moe Myint said.