Seoul: South Korea’s Daewoo International said on Wednesday a consortium led by the energy developing company will invest 4 trillion won ($3.2 billion) to develop Myanmar gas fields.
The gas development plan will allow the consortium to supply natural gas to China’s top state oil and gas firm, China National Petroleum Corp. (CNPC) for 30 years, with a peak daily production of 500 million cubic feet, or about 3.8 million tonnes annually.
Daewoo spokesman Lee Bong-ju said by telephone that the investment would reach 4 trillion won, correcting the previous figure of $5.6 billion given by an unnamed official of Korea Gas Corp., a member of the consortium.
The supply, due from 2013 from the Shwe and ShwePhyu fields in Myanmar’s A-1 offshore block and Mya field in A-3 offshore block, amounts to around 7% of China’s current gas consumption of 7.3 billion cubic feet per day and is expected to grow rapidly.
Daewoo has a 51% stake in the consortium and the other shareholders are Oil and Natural Gas Corp. with 17%, Myanmar Oil and Gas Enterprise with 15%, India’s GAIL with 8.5% and Korea Gas Corp. with 8.5%.