South Korean firm to invest $1.7 bn in MyanmarSeptember 2nd, 2009 - 11:04 pm ICT by IANS
Yangon, Sep 2 (Xinhua) South Korea’s Daewoo International Company will invest $1.7 billion in gas exploration and production projects in western Myanmar, in which two Indian companies have a combined stake of 25 percent, a media report said Wednesday.
The gas produced from the Rakhine offshore area will be exported to China in 2013, the weekly Voice reported citing company officials.
The money will be used in the development of infrastructure at two blocks, A-1 and A-3, from where China would buy the gas for 30 years, the report said.
Starting 2013, the China National Petroleum Corp (CNPC) will import 7.3 billion cubic feet (206 million cubic meters) of natural gas daily from Shwe, Shwe Phyu and Mya fields at the blocks developed by a consortium of companies, it said.
Daewoo International holds 51 percent of stake in the consortium, while ONGC Videsh Ltd of India 17 percent, GAIL of India 8.5 percent, Korea Gas Crop 8.5 percent and Myanmar Oil and Gas Enterprise (MOGE) 15 percent, it added.
The Shwe field holds a gas reserve of four to six trillion cubic feet (TCF), while the Shwe phyu five TCF and Mya two TCF with a combined proven reserve of 5.7 to 10 TCF.
Official statistics reveal that foreign investment in Myanmar’s oil and gas sector reached $3.398 billion in 89 projects at the end of May 2009.
Official statistics show that during the year, Myanmar earned $2.384 billion from exporting natural gas.
Myanmar has abundance of natural gas resources especially in the offshore areas. With three main large offshore oil and gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 18.012 trillion cubic feet (TCF).
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Tags: cnpc, cubic feet, daewoo international, exploration and production, gas sector, korea gas, myanmar oil and gas, national petroleum, natural gas resources, official statistics, offshore area, offshore areas, offshore oil, ongc videsh, petroleum corp, phyu, production projects, south korean firm, western myanmar, yangon