Daewoo Completes Myanmar Test Drillings
From The Korea Times
August 22, 2005
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Daewoo International said on Sunday that it has completed test drillings on the gas reserve it found earlier in the sea off Myanmar and confirmed the existence of a huge mine that may contain more than 10 trillion cubic feet of gases.
The exact size of the reserve is due late this year, Daewoo officials said.
"The gas mine in Shwe is expected to hold more than 10 trillion cubic feet of gases," a Daewoo official said, quoting Myanmar officials as saying. "Tests show the density of the gas is very fine and good for commercial use."
The trading company has been conducting surveys on the Shwe area, which contains a mine spanning a few kilometers, 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.
Daewoo is a main investor in the development of gas mines in Shwe, Shwe Phyu and Ngwe in Myanmar. Drilling experts have said huge mines may also exist in Shwe Phyu and Ngwe.