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Korea’s Posco and U.S. Firm McDermott Sign Deal for Gas Project

South Korea’s Posco International Corp. recently signed a front-end engineering design (FEED) contract with U.S. energy firm McDermott for the third-stage project of the Shwe gas field development.

The agreement covers increasing production at Shwe and Shwe Phyu gas fields in A-1 block and Mya field in the offshore A-3 block as well as designs connecting these projects.

McDermott has collaborated with Hyundai Heavy Industries to develop an offshore gas platform and designs to connect the existing Shwe project.

Posco, formerly known as Daewoo International, started gas exploration and production off the shore of Rakhine State in 2013. The Shwe project is expected to start commercial operation in 2021, with the Shwe Phyu project to follow in 2022. Posco will then start producing, liquefying and delivering gas.

In May 2018, Posco announced an additional investment of $500 million for gas exploration and production in Myanmar.

At present, Australia’s Woodside, Korea’s Posco, Thailand’s PTTEP and companies from China are conducting gas exploration and extraction off the shore of Myanmar.

In the 2019 fiscal year, Myanmar earned over $3 billion from gas exports, a $100 million increase from the previous year, according to Ministry of Commerce data.

Source : Myanmar Business Today

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