Australia’s Woodside Petroleum has reached an agreement with Daewoo International Corporation for a production-sharing contract in Burma, according to a report by the Australian Associated Press. Under the deal, Woodside will take a 40 percent participating interest in the project. “The transaction also provides the option to drill an exploration well in a subsequent exploration period,” the company said in a statement. The production area is in Block AD-7 of the Rakhine Basin, located off of western Burma’s Arakan State. Woodside’s activities are primarily located offshore in northwestern Australia.