It is understood that Chevron could be offering a farm-in opportunity in Block A-5 and Block AD-03, located in offshore Rakhine Basin, as of January 2019. The company holds a 55% operating interest in both blocks, following a 2018 deal with Ophir Energy.  Ophir holds 42% participating interest in the blocks, while local partners Parami Energy and RM Engineering hold respectively 2.5% and 0.5% interests. Ophir is looking at divesting from these assets, upon which Chevronâs rightholding would likely increase to 97%.  The study period for Block A-5 and Block AD-03 has been extended until March 2019. The extension will allow the operator to continue evaluations of existing data towards the maturation of potentially drillable prospects.  In January 2018, Ophir and Chevron agreed to consolidate the respective interests in the two adjacent blocks. Prior to the agreement, Chevron was operating Block A-5 with 99% (with RME Engineering 1%) and Ophir was the operator of Block AD-03, with 95% (with Parami holding 5%).  For further information about the potential opportunity, interested parties may contact:  Sid Jones  Asia-Pacific New Ventures Team Lead (Houston)  Email: sid.jones@chevron.com    Background Information  Block A-5  Unocal Myanmar Offshore Co. Ltd., a wholly owned subsidiary of Chevron Corporation, and Royal Marine Engineering Co. (RME), a Myanmar company, entered into a Production Sharing Contract (PSC) for Block A-5 with the national oil and Gas Company, on 24 March 2015.   Block A-5 is located offshore along the Arakan coast, around 240 km southeast of the Shwe gas project operated by POSCO Daewoo in Blocks A-1 and A-3. This was Chevronâs first significant investment in Myanmar after the Yadana Project with Total EP Myanmar and partners. The block was offered as part of the 2013 Myanmar offshore bid round.    The block covers an area of 10,531 sq km in water depths of up to 2,000 m. Two wells have been drilled by Compagnie Francaise des Petroles in the shallow portion of the block in 1976. Rubis 1 was junked at a depth of 1,041 m due to high pressure problems, while Rubis 1A was plugged and abandoned as dry having reached TD at 3,324 m.  Chevron acquired approximately 4,900 sq km of 3D seismic data in the block between late 2015 and early 2016, covering areas from shelf to deep water.  Block AD-03  On 4 December 2014, Myanmar Ministry of Energy officially awarded the Production Sharing Contract (PSC) for deepwater block AD-03, located in the Rakhine Basin, to Ophir Energy and local partner Parami Energy. The contract commenced with a two-year study period and commitments of 2D seismic re-processing and new 3D seismic acquisition. Ophir paid signature bonus of USD 6.5 million, USD 1.26 million for data fee and committed to spend USD 258.3 million for exploration work.  The latest exploration activity in the block was a 3D seismic survey in mid-2015. The survey, covering approximately 10,000 sq km, fulfilled seismic commitments for the first two years of the contract (study period). The survey was conducted with newly built âSanco Swordâ survey vessel.  Ophir Energy was previously planning to drill one well in the block in 2018 or 2019, targeting the Aung Sakyar prospect. The prospect, located at water depths exceeding 2,000 m, would likely target gas in Pliocene turbidite sandstones within a low relief channel system. No wells have been drilled in the block.
Myanmar, AD-03