Breakthrough for Offshore Development

COOEC has clinched a major contract with POSCO International Corporation to advance the SHWE Gas Field Phase IV Development Project in Myanmar. The $523 million EPC contract shows the growing influence of Chinese companies in deepwater oil and gas engineering. The project will involve designing, procuring, and installing subsurface facilities at depths exceeding 1,000 metres. By improving the infrastructure for gas extraction and transportation, this initiative will enable more efficient and increased natural gas delivery to China, enhancing the Belt and Road oil and gas cooperation framework.

Advanced Technological Integration

The SHWE Gas Field Phase IV project will take advantage of state-of-the-art technology to enhance performance and operational efficiency. COOEC's mandate includes the installation of a marine pipeline, umbilical cable, and a subsurface wellhead tray manifold, as part of critical deepsea facilities. This advanced integration aims to streamline the extraction and transportation process, reducing the environmental impact and operational costs. The introduction of sophisticated engineering solutions positions COOEC as a regional leader in deepwater EPC projects.

Operational Excellence and Market Impact

COOEC's successful bid for the SHWE Gas Field Phase IV follows from securing the front-end engineering design (FEED) contract for the same project in September 2023. The FEED contract involved detailed engineering and design work that ensured the feasibility and efficiency of the subsequent EPC phase, demonstrating COOEC's technical prowess and project management capabilities. The 36-month construction period will see COOEC retrofit existing platforms and enhance subsurface infrastructure, standardising deepwater engineering processes.

Strengthening Global Energy Ties

The partnership between COOEC and POSCO International involves implementing advanced engineering and installation techniques to ensure the project's success. POSCO International, a renowned multinational with interests spanning LNG, steel production, and green hydrogen, brings extensive experience and resources to the project. The collaboration is expected to set new benchmarks in offshore engineering, highlighting the potential for future cooperative projects driving innovation and efficiency in the energy sector.