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Daewoo Drills Natural Gas in Myanmar Again

Na Jeong-ju
From The Korea Times
March 4, 2005
link to this article.

Daewoo International has successfully produced natural gas from its second test drilling of a gas mine in Shwe, Myanmar, where it found a 140-meter-thick reserve spanning a few kilometers.

The firm said commercial success in its gas development project in Myanmar is likely following the successful test.

"We drilled gas amounting to 96 million cubic feet a day from the reserve. Tests show the density of the gas is very fine and good for commercial use," it said.

In January, the firm test-drilled the Shwe mine, estimated to contain about four to six trillion cubic feet of gases. The amount is equivalent to 0.7-1.1 billion barrels of petroleum and 80-120 million tons of liquefied natural gas, according to Daewoo officials.

"We plan to conduct two more test drillings until June on the area and finalize our surveys before pumping gases out for sale," a Daewoo official said.

Daewoo is exploring the sea bottom of Shwe Phyu and Ngwe near Shwe to find other reserves. Drilling experts say huge mines may exist in Shwe Phyu and Ngwe, where Daewoo is participating as a main investor for commercial development of natural gases.

Daewoo is expected to earn at least 100 billion won in net profit annually for 20 years from 2010 from the Myanmar projects once gas production begins at the mining zone.

Investors rushed to buy Daewoo shares in the Seoul stock market after hearing news of the successful test drilling. In the morning session, Daewoo's stock price soared by 12 percent to 14,450 won.

Daewoo has a 60 percent stake in the natural gas development project in Shwe. Korea Gas Corp. and two Indian firms are taking part as minor investors.

Daewoo is currently carrying out projects to develop gas mines in Oman, Vietnam and Myanmar. It is also a member of a business consortium exploring oil fields in Peru.

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