Daewoo Takes Stake in Zhambyl Oilfield

Daewoo is gearing up for an energy and resources development business by recently securing a 5% share of the Zhambyl oilfield located in the Kazakhstan sector of the Caspian Sea.

On June 4th, DSME purchased the shares from the Daesung company, which originally had a 10% stake in a Korean Consortium to explore the Zhambyl oilfield.

By securing the share at Zhambyl, as well as a Nigerian oilfield whose share was secured on February 2006, DSME is stepping up its energy development business as the company's new growth engine.

The Zhambyl oilfield is the second largest investment in the history of Korean overseas resources development, with around 1 billion barrels of oil deposits as well as over US $32 billion of economic potential.

At present, the Korean consortium has a 27% share at the Zhambyl oilfield.