Daewoo Assigns Interest in A-1 Block Offshore Myanmar
|Wednesday, January 02, 2002
Daewoo International has transferred 10 percent of its stake in its wholly-owned gas field located northwest of Myanmar, to Korea Gas Corporation. Daewoo signed a contract in November regarding its participation in the A-1 Block gas development project. Daewoo also plans to sign similar agreements with ONGC and GAIL. It plans to give a 20 percent interest to ONGC and a 10 percent interest to GAIL on the condition that they provide funding for the gas exploration project in excess of their stakes.
After these sales, Daewoo will own 60 percent of the project which has estimated gas reserves of 10 trillion cubic feet.