Australian Firm Signs Oil Exploration Deal

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Australian petroleum exploration and production company Woodside Petroleum said on Monday that it has reached a joint venture agreement with Burmese Myanmar Petrolem E&P Pte Ltd to explore Block A-6, located off the Arakan State coast. “The offer is for a 50 percent interest in the block,” the company said. “The proposal provides the opportunity for Woodside and MRPL E&P to undertake a 3D seismic survey program in the block and an option for future drilling.” The deal was subject to further conditions such as due diligence and government approval. In October, Woodside entered into a similar agreement with Daewoo International Corporation for exploration in offshore Block AD-7.