Daewoo keen to invest more in oil and gas exploration: govt

Yangon -- The local unit of South Korean conglomerate Daewoo, Myanmar Daewoo Ltd, is in discussions with the Directorate of Investment and Company Administration (DICA) to increase its investment here, the government agency said.

It said Daewoo was seeking to increase its investment in off-shore oil and gas exploration but did not provide a figure, though it said the company was eyeing areas off Rakhine State.

The Korean giant has a substantial stake in the country's oil and gas industry through a gas project in the western off-shore area, Block AD7. It sold a 40 per cent stake to Woodside Petroleum Ltd, Australia's second-largest oil and gas producer last October.

Daewoo and Woodside are preparing to undertake a 3D seismic acquisition program in the Rakhine Basin during the fiscal year beginning in April. This will be followed by exploration drilling if they obtain government approval.

Eleven Media Group