Military-ruled Myanmar has awarded another contract to South Korean conglomerate Daewoo International Corp to explore for natural gas in the Gulf of Bengal, state media said Tuesday. The new contract is to explore in a block of deep water off Myanmar's Arakan coast, the official New Light of Myanmar newspaper said.
The new exploration will take place in waters next to a block where Daewoo has already found estimated reserves of 5.7 to 10 trillion cubic feet of natural gas.
The official newspaper gave no other details of the deal, which follows a raft of hotly contested contracts awarded to other international companies over the last two months. According to 2006 official figures, 13 foreign oil companies are working on 33 projects in Myanmar.
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