South Korean trading firm Daewoo International Corp. said Thursday it has discovered a gas reserve off the coast of northeastern Myanmar.
Daewoo International has been exploring a 6,780 square kilometer-wide oil field since it obtained the right to operate there from the government of Myanmar in 2004, the company said in a regulatory filing.
The company said it will conduct test drilling in the 32-meter-thick reserve in March.
Daewoo International holds a 60 per cent stake in the gas field while India's state-run Oil &
Natural Gas Corp.has 20 per cent. The Gas Authority of India and Korea Gas Corp. each hold a 10 per cent stake.
Last month, Daewoo International and the same investors found a different oil field holding approximately 600 million barrels of crude off the coast of the Southeast Asian country.
Daewoo International, the former trading arm of now defunct Daewoo Group, is involved in energy exploration and development projects in Vietnam, Peru and Oman.
