POSCO in collaboration with MOGE prepares for drilling in Rakhine offshore

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South Korea’s POSCO International Corporation (Myanmar E&P) in collaboration with Myanmar Oil and Gas Enterprise (MOGE) is planning to start drilling matters to do at Shwe fuel project A-1 in Rakhine offshore, referred to BETV Business News.

Myanmar E&P has brought that the A-1 will elevate out the set up work beneath the Phase II improvement of the Shwe fuel mission in western Myanmar from sixteen February to March 15 with the offshore constructing vessel DLV 2000.

POSCO has a 51% stake in the Shwe assignment the region MOGE incorporates a 15% stake. India’s ONGC has 17%, KOGAS (South Korea) and GAIL (India) have 8.5 proportion stake each.

According to POSCO, it plans to make investments US $ 473 million in the Phase II Shwe gasoline enchancment project, under which eight business manufacturing wells in Shwe and Shwe Phyu/White Gold blocks offshore block A-1 will be drilled.

The gasoline from offshore blocks A-1 and A-3 in the Rakhine coast has been transferred via the pipeline to China National Petroleum Corporation. The manner commenced in 2013, in accordance to the report.

POSCO recorded a earnings of $ 30.4 billion from the every day income of 570 million cubic toes of natural gas in the first quarter of 2021. In the 2nd half, a earnings of $ 37.7 billion from the sale of 520 million cubic feet of gasoline was once once reported.