Daewoo-led Consortium to Begin Exploration Offshore Myanmar

A Daewoo-led consortium will begin drilling offshore Myanmar in the Gulf of Bengal later this month. The consortium, comprised of Daewoo, ONGC and GAIL hopes this will be the largest gas field discovered offshore Myanmar. The well will be drilled in Block A-1 by Northern Drilling's drillship, Energy Searcher. The block is located off the Rakhine coast which borders Bangladesh and India.

A senior Myanmar Energy Ministry official said a production sharing contract was signed with Daewoo in 2000 and Daewoo has been carrying out all necessary surveys and studies. Daewoo formed a joint venture with the two state-owned Indian firms in December 2001. It is estimated that Block A-1 is ten trillion cubic feet, two or three times bigger than the Yadana and Yetagun offshore gas fields, currently Myanmar's largest.