Narinjara News

Daewoo begins gas exploitation from Arakan in July

Akyab, April 25: Daewoo International Trading Company will drill Arakan gas field A-1 block in July, announced the company on April 20.

After the successful exploration in the beginning of this year at Arakan offshore gas field A-1 block in Burma, this announcement was come out officially.

US $ 90 million would be spent for 6 appraisal borings and 2 exploitation drillings. Exploration will be started in July and completed in June next year, said company sources.

Company will set up an office and dispatch 30 experts for the operation as of May 1.

Gas reserves of the A-1 block are estimated at four to six trillion cubic feet (TCS), which is equal to 700 million to 1.1 billion barrels of petroleum and 80-120 million tons of liquefied natural gas.

According to Korea Herald news agency, the Korean Company that trades on steel, cement, motor engine parts and many other goods now owns 60 per cent of rights for exploration and exploitation in Burma gas fields which will benefit them US $ 86 million per year.

The gas A-1 block is 10 miles to the southwest off Akyab, the capital of Arakan state, close to the lighthouse, Oyster.  #