China’s CNPC, South Korea’s Daewoo Intl tie up for Myanmar oil/gas exploration
China National Petroleum Corp (CNPC), the parent of PetroChina, said it has signed a memorandum of understanding with South Korea’s Daewoo International for joint oil and gas exploration in Myanmar.
The deal was signed during the state visit to China by South Korean President Lee Myung-Bak.
The company did not provide further details.
CNPC, the country’s top oil and gas producer, signed production sharing contracts in January 2007 with the Myanmar Ministry of Energy covering crude oil and natural gas exploration projects in three deep-sea blocks off western Myanmar.
A consortium led by Daewoo owns stakes in blocks that include the Shwe, Shwephyu and Mya fields off western Myanmar.