South Korea’s Daewoo International plans to drill an exploratory well in late 2003 following the conclusion of its seismic interpretation, geological survey and prospect evaluation in Block A1 off Northwest Myanmar. The block has been estimated to hold gas reserves in the range of 13.4 to 47.3 Tcf, although an official was unable to give a more specific reserve figure. “However, if the reserve figure proves to be accurate, the field would be larger than Myanmar’s two other gas-producing fields.” The currently producing Yadana and Yetagun fields hold gas reserves of over 5 Tcf each. “Even if the prospect holds 32 Tcf of gas reserves, that would be sufficient to sustain peak output of around 2.1-bil cu ft/d for the next two decades.” The A1 block lies near the Myanmar-Bangladesh border. For the long term, Daewoo is considering either constructing an LNG plant, or selling the gas via pipeline to India, depending on how much gas is found. Construction of an LNG plant depends on how much gas will be produced. Daewoo signed a production sharing agreement for the block with Myanmar’s Ministry of Energy in August 2000. Daewoo, operator of the block, holds a 60% stake, while India’s Oil and Natural Gas Corp has 20% and the Gas Authority of India Ltd and Korea’s Kogas each holds a 10% stake.
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