Posco International : Disclosure of Progress in Resources Development Investment(Voluntary Disclosure)
08/18/2022 | 03:34am EST
Disclosure of Progress in Resources Development Investment(Voluntary Disclosure)
1. Title of development(Name of Resources)
Phase 2 and Phase 3 Development of Myanmar Gas Field in Myanmar Offshore A-1/A-3 Block
2. District of development
Myanmar Offshore A-1/A-3 Block
3. Investment Amount (KRW)
4. Details of Progress
A-1/A-3 block: Under normal production and sale
5. Implementation and Operation of ProfitㆍExpense Occurrence Related to Resources Development
Current half-yearly Term (A)
Previous half-yearly Term(B)
Accumulated Amount of Current Term
- Profit (KRW)
- Expense (KRW)
6. Suspension of Resource Development
7. Actions to be taken
A-1/A-3 block: Maintain normal production and sale
8. Expected disclosure date of progress
9. Other references useful for making investment decisions
(1) Location of facility: Offshore northwest of Myanmar
(2) The above investment corresponds to the phase 2 and phase 3 development among the total 3 phase facility investment of Myanmar gas field development.
Also, the phase 2 development is to additionally drill and complete the production well, and then connect it to the existing SHWE platform in order to maintain the current level of gas production and supply in a stable manner.The phase 3 development concerns the installation of a low-pressure gas compression platform to maintain the current level of gas production stability.
(3) The phase 2 development is scheduled to start to design and manufacture facilities for this work in July 2018, and to be completed in 2022. The phase 3 development is expected to begin to design and manufacture facilities for this work in the first quarter of 2021, and to be completed in 2024.
(4) Participation rate of each company in gas production and offshore pipeline transportation business
- POSCO International : 51.0%
- ONGC (Oil and Natural Gas Corporation): 17.0%
- MOGE (Myanma Oil and Gas Enterprise): 15.0%
- GAIL (Gas Authority of India Ltd.): 8.5%
- Korea Gas Corporation : 8.5%
(5) The above "3. Investment Amount" includes both phase 2 and phase 3 development. The foreign currency amount is USD 788,405,000, and the exchange rate at the end of June '22 (1 USD = 1,292.90 KRW), which is the date of preparation, is applied. It includes the investment amount arising during the preparation period for the EPCIC construction and basic design work.
(Investment amount in the phase 2: USD 473,235,000, investment amount in the phase 3: USD 315,170,000)
※ EPCIC (Engineering, Procurement, Construction, Installation and Commissioning)
(6) The profit in "5. Implementation and Operation of ProfitㆍExpense Occurrence Related to Resources Development" above is the sales of the block, and the accumulated profits and expenses for the current period (January to June 2022) are the sum of the current half (January to June 2022) and the second half of the previous year (July to December, 2021). Of the investment amount, the total accumulated cost of the investment is KRW 623.8 billion, and the exchange rate (1 USD = 1,292.90 KRW) as of the end of June '22, the date of preparation, was applied to the foreign currency amount.
※Title and date of other disclosure related to this one
Posco International Corporation published this content on 18 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2022 07:33:04 UTC.