Daewoo Verifies Myanmar Gas Reserves

Daewoo International Corp. announced that its reserves in Myanmar were officially confirmed to have 5.4 to 9.1 trillion cubic feet of natural gas.

Gaffney, Cline & Associates Ltd. evaluated three gas fields in the A-1 and A-3 areas in terms of quality and volume, and found the find equivalent to 2 billion barrels of crude oil.

Daewoo International said around 4.5 to 7.7 trillion cubic feet of gas may be commercialized from the reserves.

Daewoo is interested in selling the gas through a pipeline to Myanmar's neighboring states. Companies from China, India and Thailand have shown interest in buying gas from its Myanmar blocks. By the end of this year, it will choose just one buyer, which will then transport the gas to its own country via pipeline.

Daewoo holds the operating rights to Myanmar's two large offshore gas blocks A-1 and A-3, with a controlling 60% stake. It is followed by India's Oil & Natural Gas Corp., which holds a 20% share, and GAIL (India) Ltd. with 10%. Korea Gas Corp. holds a 10% interest.