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Posco Daewoo signs W300b contract for gas fields in Myanmar
By Kim Bo-gyungPublished : June 29, 2018 - 15:01
Posco Daewoo, the energy development unit of steelmaker Posco, has partnered with two global energy firms to jointly develop new gas fields in Myanmar to sustain gas production there, the company said Friday.
The firm inked a 300 billion won ($268.1 million) deal with McDermott and BHGE on the phase two development of gas fields Shwe and Shwe Phyu in Myanmar.
“By successfully completing the phase two development, Posco Daewoo will make efforts to retain stable gas production at the company’s cash cow in Myanmar,” said Posco Daewoo President and CEO Kim Young-sang at the contract signing in Washington earlier this week.
The firm inked a 300 billion won ($268.1 million) deal with McDermott and BHGE on the phase two development of gas fields Shwe and Shwe Phyu in Myanmar.
“By successfully completing the phase two development, Posco Daewoo will make efforts to retain stable gas production at the company’s cash cow in Myanmar,” said Posco Daewoo President and CEO Kim Young-sang at the contract signing in Washington earlier this week.
The signing was also attended by McDermott CEO David Dickson and BHGE Chairman and CEO Lorenzo Simonelli.
The project will begin next month with the aim of starting production at the Shwe gas block in April 2021 and Shwe Phyu in April 2022. Posco Daewoo will supervise the project and conduct drilling in the new blocks.
The firm has earned an accumulated 2.2 trillion won at its gas fields in Myanmar since 2013, it added.
By Kim Bo-gyung (lisakim425@heraldcorp.com)
