Shinhan Investment analyst Heo Min-ho said, "The gas field off Myanmar with which Daewoo International has a stake began production on June 22 and started sending gas through a 782-kilometer surface pipeline in the country. In August some of the gas was sold to Chinese energy companies on an experimental basis."
The current production volume is about 120 million cubic feet a day from four boreholes, with actual supply amount reaching 30-70 million cubic feet. Starting November this year, the gas field will produce 200-million-cubic-foot gas a day from five holes.
Heo the analyst said, "During the third quarter, Daewoo International won't see any improvement in profitability from the gas income. But it will see sizable improvement from the following quarter as it sells a lot more gas to Chinese companies."
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