Daewoo Confirms Giant Reserves in Burma Gas Fields

Chosun.com reported on its website today, August 23, 2007 that Daewoo International's gas reserves in Burma were found to contain up to 9.1 trillion cubic feet of natural gas. The natural gas reserves in the two fields that the company discovered in 2004 amount to 191 million tons of liquefied natural gas (LNG).

The Burma natural gas reserves owned by Daewoo International are the largest natural gas fields to be discovered by a Korean company. The natural gas amounts to more than nine times Korea's annual gas consumption, which is more than one trillion cubic feet.

Daewoo International said on Wednesday, August 23, 2007 that it has confirmed that the natural gas reserves in the Block A-1 and A-3 natural gas fields in the northwestern Sea of Burma measure from 5.4 trillion cubic feet to 9.1 trillion cubic feet.

Daewoo International reported that about 4.5 to 7.7 trillion cubic feet of gas could be commercialized from the reserves, based on a recent evaluation by Daewoo consultants Gaffney, Cline & Associates. Daewoo International plans to start selling the natural gas in 2010.


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