POSCO International, Korea's largest trading company has announced to invest 108.6 billion won (over USD $97 million) to explore new gas fields in Myanmar.
POSCO International will conduct exploratory drilling at the Mahar area of the A-3 Mining District. Currently, a group of companies is participating in the development of A-3 Mining District, while POSCO International holds a 51% stake; the other participants include Myanmar National Oil Co. (15%), India National Oil Co. (17%), India National Gas Co. (8.5%), and Korea Gas Corp. (8.5%) respectively.
The company will use 49.9 billion won on evaluation drilling in the Mahar Prospecting Structure and 58.7 billion won on exploratory drilling.
The company has decided to make drilling preparations and map out a detailed drilling plan by March 2021 and proceed with the work from April 2021 to January 2022 according to the Business Korea.