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Indian, South Korean firms to explore off Myanmar

LOS ANGELES, Oct 6 -- South Korean trading firm Daewoo International Corp., in partnership with two Indian state-run oil and gas companies and a South Korean gas corporation, has signed an agreement to explore Block A3 off Myanmar.

Daewoo will have a 60% stake in the project, India's Oil & Natural Gas Corp. will hold 20%, and Gas Authority of India Ltd. (GAIL) and South Korea's state-run Korea Gas Corp. will each hold 10%.

The 6,780-sq km Block A3 is south of Block A1, on which the same consortium has made two gas discoveries, including Shwe field, thought to hold 6 tcf of recoverable gas (OGJ, Sept. 19, 2005, Newsletter).

A Daewoo official said exploration of A3 could begin as early as December.

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