Offshore staff

(Asia) - South Korea's Daewoo International has signed an agreement with Korea Gas Corp. (KGC), India's state-owned Oil and Natural Gas Corporation Ltd. (ONGC), and Gas Authority of India Ltd. (GAIL) to develop a gas field in block A3, offshore Myanmar.

Daewoo said it would cost $300 million to develop the field's 10 tcf of natural gas reserves.

Daewoo has 60% stake in block A3, with ONGC 20%, and KGC and GAIL each with 10%.

Daewoo has also appraised a gas field in block A1 in waters off Myanmar, with estimated reserves of 18 tcf.

10/05/05