The Korea Times close
National
  • Politics
  • Diplomacy
  • Defense
  • Labor & Environment
  • Law & Crime
  • Health & Welfare
  • Embassy
  • Seoul & Provinces
  • Education
  • Foreign Communities
  • Obituaries
Biz & Tech
  • Auto
  • IT
  • Game
  • Manufacturing
  • Retail & Food
  • Energy
  • Construction
  • Airlines
Finance
  • Policies
  • Economy
  • Markets
  • Banks
  • Non-banks
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
Lifestyle
  • Arts
  • Books
  • Travel & Cuisine
  • Trend
  • Fashion
  • Around Town
  • Fortune Telling
Entertainment
  • K-pop
  • K-dramas & Shows
  • Movies
  • Music
  • Performances
  • Asia Model Festival
Sports
  • Football
  • Golf
  • Baseball
  • Other Sports
World
  • Asia Pacific
  • Americas
  • Europe & Africa
  • SCMP
Video
  • On the Spot
  • Feature
  • News
Photos
  • Photo News
  • Darkroom
Community
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Biz & Tech
  • Auto
  • IT
  • Game
  • Manufacturing
  • Retail & Food
  • Energy
  • Construction
  • Airlines
Thu, March 4, 2021 | 14:56
Energy
POSCO expands development of Myanmar gas field
Posted : 2019-11-10 16:22
Updated : 2019-11-10 18:18
Mail
Print Preview
Font Size Up
Font Size Down
POSCO International CEO Kim Young-sang, seated right, and McDermott CEO David Dickson, seated left, pose after signing a contract in the U.S. Saturday (local time) on front-end engineering design services for the phase three development of POSCO International's Myanmar gas field project. Courtesy of POSCO International
POSCO International CEO Kim Young-sang, seated right, and McDermott CEO David Dickson, seated left, pose after signing a contract in the U.S. Saturday (local time) on front-end engineering design services for the phase three development of POSCO International's Myanmar gas field project. Courtesy of POSCO International

By Nam Hyun-woo

POSCO International has signed a design deal with McDermott International of the U.S. for the phase three development of its gas field project in Myanmar, the company said Sunday.

POSCO International CEO Kim Young-sang and McDermott CEO David Dickson signed the contract on front-end engineering design (FEED) services for the final stage development of the Shwe Project.

The contract came weeks after POSCO International named McDermott and Hyundai Heavy Industries in October as FEED contractors for the phase three development.

The value of the contract has not been disclosed.

McDermott and Hyundai Heavy will work on basic designs for a new compression platform, bridge links between platforms and make modifications to the existing platform for the project. After finishing the basic designing, POSCO International will choose one of them as the contractor in charge of engineering, procurement, construction, installation and project commissioning next year.

POSCO International started the multi-field offshore gas project in 2000 in waters near the Bay of Bengal and started commercial production in 2013.

Of three fields in the project ― Shwe, Shwe Phyu and Mya ― POSCO developed the Shwe and Mya fields in phase one and is working on phase two development of the Shwe and Shwe Phyu fields. In phase two, Shwe is expected to begin commercial gas production in 2021, followed by Shwe Phyu in 2022.

The project has been a cash cow for POSCO International, whose main business is trading. In the third quarter of this year, the company logged 163.3 billion won ($141.1 million) in operating profit, up 135.7 percent from a year earlier, thanks to the revenue from the Myanmar project. POSCO International sold an average 590 million cubic feet of gas a day during the third quarter.

"After the phase three development, POSCO International will expedite its efforts to complete a value chain covering production, liquefaction and transportation of liquefied natural gas," a POSCO International official said.



Emailnamhw@koreatimes.co.kr Article ListMore articles by this reporter









 
 
  • 2 people die after getting COVID-19 vaccine
  • Transgender ex-soldier forced to discharge found dead at home
  • 2 Korean nursing home residents die after getting AstraZeneca vaccine
  • Management of foreigners' ID to be strengthened
  • 'Chinese virus, get out!': Chinese lecturer assaulted in UK amid fears of anti-Asian racism
  • [INTERVIEW] 'We fight the gov't for our rights and future'
  • Hate crimes against Asian American on rise in US amid pandemic
  • Gov't to push for 'quarantine-free corridors' to support ailing aviation industry
  • Coupang Eats' new delivery fee policy hits riders
  • New virus cases bounce back to over 400
  • BLACKPINK's Rose to drop solo album next week BLACKPINK's Rose to drop solo album next week
  • Lee Seung-gi says new TV thriller series 'Mouse' is his 'most unique' piece Lee Seung-gi says new TV thriller series 'Mouse' is his 'most unique' piece
  • Ha Eun-byeol, 'The Penthouse: War in Life,' actress denies bullying accusation Ha Eun-byeol, 'The Penthouse: War in Life,' actress denies bullying accusation
  • BTS again tops Billboard's Artist 100 chart, sets record as group act BTS again tops Billboard's Artist 100 chart, sets record as group act
  • Gong Yoo, Park Bo-gum's 'Seobok' to hit theaters, streaming service in April Gong Yoo, Park Bo-gum's 'Seobok' to hit theaters, streaming service in April
DARKROOM
  • Bloody Sunday in Myanmar

    Bloody Sunday in Myanmar

  • Earth is suffering

    Earth is suffering

  • NASA's Perseverance rover is landing on Mars

    NASA's Perseverance rover is landing on Mars

  • Fun in the snow, sledding for everyone

    Fun in the snow, sledding for everyone

  • Our children deserve better: Part 3

    Our children deserve better: Part 3

  • About Korea Times
  • CEO Message
  • Times History
  • Content Sales
  • Media Kit
  • Contact Us
  • Location
  • Privacy Statement
  • Terms of Service
  • Mobile Service
  • RSS Service
  • 고충처리인
  • hankookilbo
  • Dongwha Group
  • Code of Ethics
Copyright