Decides to Invest 100 Bil. Won
POSCO International has decided to invest 108.6 billion won to explore new gas fields in Myanmar.
POSCO International will carry out exploratory drilling at the Mahar area of the A-3 Mining District in northwestern Myanmar.
Currently, a group of companies is participating in the development of A-3 Mining District, with POSCO International holding a 51 percent stake in the project. The other participants include Myanmar National Oil Co. (15 percent), India National Oil Co. (17 percent), India National Gas Co. (8.5 percent), and Korea Gas Corp. (8.5 percent).
In detail, POSCO International will spend 49.9 billion won on evaluation drilling in the Mahar Prospecting Structure and 58.7 billion won on exploratory drilling. POSCO International has decided to finally confirm the amount of resources in the Mahar evaluation drilling. At the current stage of exploration, Mahar's gas reserves are estimated at 660 billion cubic feet.
New exploration drilling will be conducted in a similar prospecting structure near Mahar, where gas was discovered. POSCO International has decided to make drilling preparations and map out a detailed drilling plan by March 2021 and proceed with the work from April of the same year to January 2022.