Daewoo International to start Myanmar gas project by 2013

The Myanmar gas project led by Daewoo International is moving forward, as the POSCO affiliate plans to start developing gas resources at the country’s A1 and A3 offshore blocks, as early as May 2013.

A group of officers from the Ministry of Knowledge Economy visited Myanmar at the end of December to attend the Korea-Myanmar collaboration committee for natural resource exploration. During the visit, the two parties agreed to strengthen their ties to explore and commercialize the gas resources in the offshore blocks together.


The Myanmar gas project, which is backed by the two countries` governments, is one of Daewoo’s key business projects. The company owns 51% of the shares in the two blocks.

Besides Daewoo, India’s National Natural Gas Clearinghouse (17%), Myanmar Oil and Gas Enterprise (15%), Korea Gas Corporation (8.5%) and India’s Oil and Natural Gas Corporation (8.5%) are participating in the project as shareholders.

It is estimated that the two offshore blocks have between 4.5 and 7.8 billion square feet of natural gas. Once the production begins, the gas blocks are expected to produce 5,000 million square feet of natural gas everyday for 30 years.

The gas resources will be sold to CNUOC, an affiliate of the China National Petroleum Corporation, for which the two parties plan to connect gas pipes from Myanmar to inland China. The plan, up until now, has been managed successfully in terms of finance.
(Sourced from Pipeline & Oil Gas insight)

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