POSCO Daewoo Corp. said on Dec. 10, 2018 that it will conduct exploration drilling at an offshore well in Myanmar.
The South Korean trading company said in a regulatory filing that it has secured the right to drill at the A-3 well in the first quarter of 2020. It said 105.3 billion won (US$93.3 million) will be invested into the project from January 2019 onwards.
|POSCO Daewoo's main office building in Songdo, Incheon.|
The company said that it has been carrying out detailed artificial earthquake wave evaluations of the area and concluded there is a good chance of finding commercially viable gas reserves that can be developed.
The company already produces some 500 million cubic feet of natural gas from Myanmar's A-1/A-3 offshore wells, which is transported by pipelines and used domestically in the Southeast Asian country or sold to China. (Yonhap)
Cho Kyung-hee email@example.com