One of the key growth drivers of POSCO INTERNATIONAL lies in the exploration and production of oil and gas resources (E&P).
Not only did we directly perform the entire E&P process from exploration and development to production and sales
at its Myanmar Shwe Project, but also is proactively participating in domestic and international E&P projects,
including Block 11-2 in Vietnam, Block 8 in Peru, and the Donghae-2 gas field in offshore Korea.
We are proceeding with Phase 2 development of the Myanmar Shwe Project for our stable gas production and sales, and is also planning to drill three exploration wells in Block A-3. Prospect evaluation studies in Block AD-7, offshore Myanmar and Block DS-12, offshore Bangladesh are also in progress, along with efforts to secure new exploration rights in Asia Pacific, North America and other regions.
POSCO INTERNATIONAL signed an agreement covering Block A-1 in offshore Rakine State of Myanmar in 2000.
This was followed by the discovery of gas fields at Shwe in 2004, Shwe Phyu in 2005, and Mya in 2006.
It took thirteen years to bring the project completely to fruition when the first gas production took place in 2013.
It is the largest overseas resource development project ever undertaken by a privately-invested South Korean company.
The gas produced at these gas fields is piped to an onshore gas terminal located on Ramree Island southwest of Kyauk Phyu through a 105-kilometer-long offshore pipeline that runs from an offshore platform. After metering the quantity and quality of natural gas, an average of five hundred million cubic feet per day of natural gas is sent on to Myanmar and China through a 793-kilometer-long land-based pipeline. We are also currently carrying out a Phase 2 development of its gas project in Myanmar. Engineering, procurement, construction, installation, and commissioning work began in July 2018, with production scheduled to begin in 2021 at Shwe gas field and 2022 at Shwe Phyu gas field.
- Participation : 2000 (Production Started in June 2013)
- Equity : 51% (Operator)
- Acreage : 5,560㎢
Parties : ONGC VIDESH(Oil and Natural Gas Corporation Videsh Limited), MOGE (Myanma Oil and Gas Enterprise), GAIL (India) Limited, KOGAS (Korea Gas Corporation)
- Phase 2 Development Period : July 2018 ~ June 2022