POSCO International Corporation (Myanmar E&P) in collaboration with Myanmar Oil and Gas Enterprise (MOGE) is planning to start drilling activities at Shwe gas project A-1 in Rakhine offshore.
Myanmar E&P has announced that the A-1 will carry out the installation work under the Phase II development of the Shwe gas project in western Myanmar from 16 February to March 15 with the offshore construction vessel DLV 2000.
POSCO has a 51% stake in the Shwe project whereas MOGE contains a 15% stake. India’s ONGC has 17%, KOGAS (South Korea) and GAIL (India) have an 8.5% stake each.
According to POSCO, it plans to invest USD 473M in the Phase II Shwe gas development project, under which eight commercial production wells in Shwe and Shwe Phyu/White Gold blocks offshore block A-1 will be drilled.
The gas from offshore blocks A-1 and A-3 in the Rakhine coast has been transferred through the pipeline to China National Petroleum Corporation. The process began in 2013, according to the report.
POSCO recorded a profit of USD 30.4bn from the daily sales of 570 million cubic feet of natural gas in the first quarter of 2021. In the second half, a profit of USD 37.7bn from the sale of 520 million cubic feet of gas was reported.