Thursday, November 8, 2012

[Offshore News] Daewoo International sets to drill on Myanmar’s gas field

Daewoo International Co., Ltd, a Korean trading company, is finally going to work with the aim of beginning commercial gas production at Myanmar’s offshore fields following 12-year long efforts in exploring gas fields in Myanmar.

At the offshore yard of Hyundai Heavy Industries in Ulsan, Daewoo International held a ceremony marking the departure of the ‘Topside’, the gas production platform to be utilized at gas field in Myanmar. Topside refers to the upper part of the gas production platform. Once the upper part is integrated with a Jacket, the lower part of the platform installed in the seabed, the entire construction of gas production platform will be completed.

Passing through the Bay of Bengal and off the coast of Singapore for three weeks, the Topside will reach its destination in Myanmar - the A-1 gas field ‘Shwe’. Daewoo succeeded in the completion of gas production probes in January of 2004 after having secured the right for the gas field exploration from Myanmar’s Junta back in 2000. The gas fields in Myanmar include an estimated 4.5 trillion cubic feet of gas resources (equivalent to 800 million barrels when turned to oil), high enough to cover the country’s three-year natural gas consumption.

China National Petroleum Corporation (CNPC), which is an affiliated company of China National United Oil Corporation (CNUOC), is going to purchase all of the gas to be produced.

An official of Daewoo International said The Myanmar gas fields are expected to bring in 300-400 billion won ($254.0 million - $338.7 million) per year for the next 25 to 30 years.”

*This post was referred to the article that Maeil Business Newspaper had reported.

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