South Korean firm to invest $1.7 b in Myanmar gas exploration consortium; OVL and GAIL also have stakes in consortium; Myanmar earned over $2 billion by exporting natural gas in previous year
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  • Reports noted that South Korea’s Daewoo International Company will invest $1.7 billion in gas exploration and production projects in western Myanmar. Two Indian companies also have a combined stake of 25 percent in these projects. The gas produced from the Rakhine offshore area will be exported to China in 2013. While Daewoo holds 51 percent of stake in the consortium, ONGC Videsh Ltd (OVL) had 17 percent, GAIL 8.5 percent, Korea Gas Crop 8.5 percent and Myanmar Oil and Gas Enterprise (MOGE) 15 percent.

    The China National Petroleum Corp (CNPC) will also import 7.3 billion cubic feet (206 million cubic meters) of natural gas daily from Shwe, Shwe Phyu and Mya fields at the blocks developed by a consortium of companies by 2013.

    Statistics revealed that foreign investment in Myanmar’s oil and gas sector reached $3.398 billion in 89 projects by May 2009. The country earned $2.384 billion from exporting natural gas. With three main large offshore oil and gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 18.012 trillion cubic feet (TCF)1.