Daewoo to exploit oil gas field overseas with Chinese partner

Korea-based trade services provider Daewoo International Corp and China National Oil & Gas Exploration and Development Corp have formed a preliminary agreement to jointly exploit oil and gas fields overseas, sources said.

The two companies may first jointly cooperate in prospecting for a gas field situated off the west sea of Burma, according to an announcement by Korea's Ministry of Knowledge Economy.

Daewoo was selected as the contractor of AD-7 district in February 2007, which granted Daewoo the rights to sell its stake in the gas field program, the Ministry of Knowledge Economy added.