Yangon: South Korea’s Daewoo plans to begin exploring for more natural gas off Myanmar’s coast, in an area that has attracted intense interest from both China and India, state-run media said 6 April.
Daewoo E Myanmar, working with state-owned Myanma Oil and Gas Enterprise (MOGE), will launch a new survey on 17 April, the Burmese-language Mirror newspaper said.
The project is set to wind up on 30 May, after surveying areas known as blocks A-1 and A-3, which are in the Bay of Bengal near the border with Bangladesh, it said.
Daewoo has already found up to 10 trillion cubic feet of natural gas in the A-1 block. Volumes in this block are still being confirmed by independent appraisers.
The initial discovery sparked enormous international interest in exploring the rest of Myanmar’s western coast.
The military government awarded a series of exploration contracts earlier this year to companies from China, Malaysia and Singapore, as well as a firm with links to Russia.
Both China and India have been vying for the right to buy the gas produced from the A-1 block.
The two energy-hungry countries, as well as other Asian nations, have been jockeying for a share of Myanmar’s vast energy resources, weakening the impact of a patchwork of US and European sanctions on the military ruled nation.
According to official figures, South Korea has invested about $34.9 million (Rs ) in Myanmar’s oil and gas sector since 2003.
Daewoo in February was awarded another contract to explore for natural gas in a deep-water block next to the latest project.
According to 2006 official figures, 13 foreign oil companies are working on 33 projects in Myanmar.