Daewoo Consortium to Invest $3bn in Myanmar Gas Fields

2 September 2009 (Last Updated September 2nd, 2009 18:30)

A consortium led by South Korea’s Daewoo International said that it will invest $3.2bn in developing the Myanmar gas fields. The project will enable the consortium to provide natural gas to China National Petroleum Corp (CNPC) for three decades with a peak daily production of 500 millio

A consortium led by South Korea’s Daewoo International said that it will invest $3.2bn in developing the Myanmar gas fields.

The project will enable the consortium to provide natural gas to China National Petroleum Corp (CNPC) for three decades with a peak daily production of 500 million cubic feet, Reuters reports.

Daewoo has a majority stake of 51% in the consortium while the remaining shares are held by Korea Gas Corp with an 8.5% stake, India's GAIL, also with an 8.5% share, Myanmar Oil & Gas Enterprise with a 15% stake, and India's Oil and Natural Gas Corp holding 17%.

Gas will be supplied by 2013 from the ShwePhyu and Shwe fields in Myanmar's Mya field in A-3 offshore block and the A-1 offshore block that amounts to about 7% of China's present gas use of 7.3 billion cubic feet each day, the news service said.