Posco Daewoo to Invest in Myanmar Field

South Korean Posco Daewoo, a unit of Posco, will invest won 511.7bn ($475mn) in a joint gas field development project in Myanmar, Yonhap reported May 31.

The project is being led by Posco Daewoo which has majority 51% stake. Other partners are India's ONGC and Gail, the Myanmar Oil and Gas Enterprise and Kogas.

The capital will be spent to develop the Shwe Phyu gas field, one of three gas blocks developed and to be developed under the project, the news agency reported citing company sources. The two others are the Shwe and Mya gas fields, with the former under production from 2013. The third gas field has yet to be developed.

Posco Daewoo, the operator of the Shwe gas field, currently sells gas from the Shwe block in Myanmar and neighbouring markets.