Daewoo International Corp., engaged in development of gas fields in Myanmar, will invest 2.1 trillion won ($ 1.68 billion) in the next 5 years in the project for the extraction of gas myanmarskom shelf, reported Bloomberg.
Almost all of the produced gas will be exported to China.
money allocated Daewoo, will be used for the construction of floating platforms, pipelines and terminals. Estimated volume of production is estimated at 640 million cubic feet per day.
With oil and gas companies developing gas fields offshore Myanmar, signed in December last year an agreement with China National Petroleum Corp. on energy supplies to China for 30 years.
The group consists of Daewoo International Corp. (she owned 51% of the project), Myanmar Oil Gas Enterprise (15%), Indian Oil Natural Gas Corp. (17%) and GAIL India (Ltd.) (8,5%), South Korea Korea Gas Corp. (8,5%). Deliveries should commence in 2013.
volume shipments reach 500 million cubic feet per day. Last year, gas consumption amounted to 80.7 billion cubic meters of gas, according to the BP Statistical Review, which is equivalent to 7.8 billion cubic feet per day.
China National Petroleum and a group of companies are still not completed negotiations on the allocation of costs for the construction of the pipeline, which will be delivered. The length of the pipeline would be 825 km.
prices for imported by China from Myanmar gas to be agreement on a quarterly basis to reflect world market conditions.
Stocks
three gas fields on the shelf myanmarskom (Shwe, Shwe-Phyu and Mya) are, according to various estimates, from 4.5 trillion to 7.7 trillion cubic feet of gas.
total gas reserves in Myanmar is 17.5 trillion cubic feet, equivalent to one fifth of Australian stocks.
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