Offshore bounty: Burma
- New Suu Kyi sentence sparks anger
- Shwe first gas date is put back
- South Korea rejects Shwe allegations
- COSL unit takes rigs to market
- China forges ahead with pipelines
- Burma to forge links with China
- Foreign grip tightens on Burma once more
- COSL spuds Burma well
- Daewoo closes Burma-China gas deal
- Daewoo to take rig delivery
- Daewoo confirms interest in Shwe field prize
- Daewoo caught in border tussle Seismic study prompts action in Bangladesh and Burma spat
Daewoo pegs Shwe spend at $3.2bn
A Daewoo International-led consortium plans to spend 4 trillion won ($3.2 billion) developing the Shwe, ShwePhyu and Mya gas fields off Burma, a Daewoo spokesman said today.
The development will allow the consortium to supply natural gas to China National Petroleum Corporation (CNPC) for 30 years, with a peak output pegged at 500 million cubic feet per day.
Daewoo spokesman Lee Bong-ju told Reuters that the investment would reach 4 trillion won, correcting the previous figure of $5.6 billion given by an unnamed Korea Gas Corporation (Kogas) official.
Kogas is also a member of the consortium.
The development is due on stream in 2013. Shwe and ShwePhyu lie in Block A-1, with Mya in the neighbouring block, A-3.
Daewoo has a 51% stake in the consortium. Its partners are India's Oil & Natural Gas Corporation (17%), Myanmar Oil & Gas Enterprise (15%), GAIL (8.5%), and Kogas (8.5%.)