Posco Daewoo to Drill Offshore Myanmar

South Korea’s Posco Daewoo, a unit of steelmaker Posco, December 10 said it will drill three wells in A-3 gas block offshore Myanmar.

The company will start drilling early-2019 and plans to invest $94.2mn in the project, which is equivalent to 51% of the total investment of $184.8mn. Posco Daewoo, as operator, has a 51% interest in the project, while India’s two state-run companies ONGC and Gail own 17.5% and 8.5%, respectively. Myanmar’s state-run Myanmar Oil and Gas Enterprise has a 15% stake while Kogas owns 8.5% interest.

Posco Daewoo already produces from three fields located in blocks A-1 and A-3 and sells gas to China and Myanmar.