In a statement Daewoo said, “The companies plan to begin joint pre-drilling surveys in the block later this year or early next year. Offshore drilling [will] begin in 2006.”
Daewoo will retain the remaining 70% stake in the block. The government of Myanmar, under the rules of the PSC, is entitled to around 60% of any gas produced from A-3 and the adjacent A-1 block.
Both Blocks A-1 and A-3 are believed to by hydrocarbon rich, substantiated by the discovery of between 4-6 trillion cubic feet of gas reserves in the former earlier this year.
