Posco Daewoo to search for gas in the Bay of BengalPosco Daewoo, the resource development arm of steelmaker Posco, has secured rights to search for deep-sea gas reserves off the coast of Bangladesh, the company said Wednesday.
Posco Daewoo signed a production-sharing contract with the Bangladeshi government and state-run energy company Petrobangla on Tuesday. The deal allows Posco Daewoo to explore and develop a deep sea gas block in the Bay of Bengal south of Bangladesh for at least eight years and go into commercial production of any discovered gas field for 20 to 25 years.
The sea block is near the Thalin gas exploration well in Myanmar, where the Korean company discovered gas reserves last year.
By Kim Jee-hee