POSCO Daewoo Corp. said Monday that it will conduct exploration drilling at an offshore well in Myanmar.
The South Korean trading company said in a regulatory filing that it has secured the right to drill at the A-3 well in the first quarter of 2020. It said 105.3 billion won ($93.3 million) will be invested into the project from January 2019 onwards.
The company said that it has been carrying out detailed artificial earthquake wave evaluations of the area and concluded there is a good chance of finding commercially viable gas reserves that can be developed.
The company already produces some 500 million cubic feet of natural gas from Myanmar's A-1/A-3 offshore wells, which is transported by pipelines and used domestically in the Southeast Asian country or sold to China. (Yonhap)