OREANDA-NEWS.  January 30, 2014. Daewoo International (Vice Chair Lee Donghee) began Shwe gas production in Myanmar.

Daewoo International will finish the drilling and installation of production facilities for the Shwe gas field and start extracting gas through the first of eleven production wells. The remaining ten wells will then begin drilling so that the current daily production of 200 million cubic feet increases to 500 million cubic feet.

Gas produced from the Shwe gas field will be sold to China and Myanmar, just like the Mya gas field.

Since discovering the three gas fields in Myanmar`s Shwe, Shwe Phyu, and Mya regions, Daewoo International estimates reserves to be approximately 4 trillion cubic feet. This is equivalent to approximately three years of the annual natural gas consumption of Korea and is the largest gas field directly developed internationally by a Korean company.

Daewoo International projects approximately 350 to 500 billion KRW in annually profits for the next 20 years, starting in 2015 when maximum production begins.