The energy development unit of South Korea-based Posco Daewoo Corporation has announced that it will develop new subsea wells for constant gas production near its offshore production base in the A-3 block in Myanmar at an estimated investment of $94.2 million. Drilling of three new wells will commence in the first quarter of 2020. The overall project cost is estimated to be $184.8 million with 51 per cent stake held by Posco Daewoo. In the project, joint investments will be made by India’s two state-run companies Oil and Natural Gas Corporation (ONGC) and Gas Authority of India Limited (GAIL), Myanmar’s state-run Myanmar Oil and Gas Enterprise and the Korea Gas Corporation.
