Daewoo’s Drilling Agreement

The Daewoo International of South Korea is planning to start drilling natural gas from a huge offshore gas field near Sittway in Myanmar's western Rakhine state by November 2003.

The Rakhine gas field, estimated to have a gas reserve of about 13.4 trillion to 47.3 trillion cubic-feet, possesses the potential to be larger than Myanmar's two other major gas fields in production. The Yadana in the gulf of Mottama and the Yetagun off Tanintharyii coast are reported to have 6.7 cubic-feet and 3.2 cubic-feet of gas respectively.

The Daewoo International signed a production sharing contract on the exploration project with the Myanmar Ministry of Energy in August 2000 and it assigned 10-percent share to another South Korean company, KOGAS, in November 2001.

Since Myanmar opened to foreign investment in late 1988, contracted investment in the oil and gas sector has so far reached 2.563 billion dollars.

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