POSCO International announced on Nov. 10 that it has signed a contract with McDermott of the United States on a basic design for the third-phase development of its Myanmar gas field.
POSCO International selected two companies, Hyundai Heavy Industries and McDermott, in October as basic design companies for the third phase of the Shwe gas gield in Myanmar.
Under the agreement, McDermott and Hyundai Heavy Industries will draw up basic designs for a new compression platform, a bridge link, and retrofitting the current platform. POSCO International plans to select one of the two companies as the engineering, procurement, construction, installation and commissioning (EPCIC) company of the project next year.
The development of the Shwe gas field consists of three phases and the second phase is currently underway. Commercial gas production is slated to start in 2021 for the Shwe gas field and in 2022 for the Scwe Phyu gas field.
POSCO International began the exploration of the gas fields in Myanmar in 2000 and started commercial production in 2013. The gas fields have been a major cash cow for Myanmar.