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Daewoo Finds New Gas Mine in Myanmar

Na Jeong-ju
From The Korea Times
March 31, 2005
link to this article.

Daewoo International said Thursday that its overseas energy development team has found a gas reserve in the sea off Myanmar whose size could be as big as the one it discovered earlier, which contains up to four to six trillion cubic feet of gases.

"We are conducting test drillings in the newfound mine to check how much gas it has," Lee Jae-deok, a Daewoo official, told The Korea Times. "It is too early to say whether it is worthy to develop. We may hit another jackpot there, but nobody knows."

Lee said the results of test drilling will come out in 15 days.

Daewoo's stock rose sharply in the morning session to reach 15,500 won per share, but lost some gains as drilling experts remained skeptical about commercial use of the new reserve.

Daewoo has been exploring the bottom of the Myanmar sea to find natural gases. It is now producing gases in Shwe, which is estimated to contain a 140-meter-thick mine spanning a few kilometers.

"The new reserve is located in Shwe Phyu near Shwe," Lee said.

Daewoo officials said the firm is conducting final surveys on the Shwe area before pumping gases out for sale. Analysts forecast that Daewoo may earn at least $100 million in net profit annually for 20 years from 2010 once gas production begins.

Experts have said huge mines may exist in Shwe Phyu and Ngwe. Daewoo is a main investor in the development of gas mines in Shwe, Shwe Phyu and Ngwe in Myanmar.

It is also taking part in projects to develop gas mines in Oman, Vietnam and oil fields in Peru.

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