Daewoo Awarded Another Mynamar Exploration Block

Daewoo has won another exploration block offshore Myanmar, a Myanmar official said on Wednesday.

"We have decided to choose Daewoo of South Korea for the exploration of the A-3 Block," a senior Energy Ministry official said.

Daewoo already operates the A-1 gas field off Myanmar's northwest coast and owns 60 percent of the block, which could yield up to 18 trillion cubic feet of gas.

"Since we chose Daewoo for development of A-1, we also believe it will be more beneficial for our interest if we choose Daewoo again," said the official. Daewoo and the Myanmar Energy Ministry are expected to sign a contract for the block this week.

Daewoo, granted development rights for the A-1 block in August 2000, aims to bring the A-1 block on stream by 2009. The final estimate of recoverable reserves in the A-1 block, proven commercially viable in December last year, would be available in the first half of 2005. ONGC Videsh holds 20%; GAIL and Kogas each own a 1-% stake in Block A-1.

Block A-3 is located in the Bengal Basin south of the gas field in block A-1.