Daewoo begins exploratory drilling at Myanmar's block A-1

Nov 26, 2003 01:00 AM

South Korea's Daewoo International and its partners commenced exploratory drilling on Block A-1, off northwest Myanmar, a Daewoo official said.
Daewoo has a 60 % operating interest in Block A-1 with India's Oil and Natural Gas Corp holding 20 %, GAIL India holding 10 % and South Korea's Korea Gas holding the remaining 10 %.

The companies plan to drill one exploratory well, which if proven successful, will decide the future course of Block A-1's development, the official said.
"We should have the results by end-January 2004," he added. Block A-1, which lies in the Rakhine Basin in the Bay of Bengal, is estimated by Myanmar's energy ministry to hold possible gas reserves in the range of 13.4 tcf to 47.3 tcf.

A more accurate gas reserve estimate will be available after completion of the 3D seismic surveys, scheduled for early next year, Daewoo had earlier said.
Myanmar's two producing fields -- Yetagun and Yadana -- hold gas reserves of over 5 tcf each.

Source: Platts
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