The company is also confident that this discovery is merely the start of what could be a lucrative well for it and its partners.

In a press statement the company said the 58-metre wide layer of gas was discovered at depths of around 2,930 to 2,998 metres and has so far yielded around 32 million cubic feet of gas.

Furthermore, it expects to find more than the six tcf that it has just discovered. In fact, Daewoo experts expect that the company could find another seven to 12 trillion cubic feet of gas.

"The estimated size of reserves could translate into 700 million to 1.1 billion barrels of crude or liquefied natural gas, equivalent to 80 million to 120 million tons," read the statement. Right now, though, Daewoo's estimates for the field is that it is capable of a daily production capacity of more than 500 million cubic feet or around 90,000 barrels of oil equivalent.

The block is located offshore Myanmar near the Rakhine coast, which borders Bangladesh and India. The gas was drilled via Northern Drilling's drillship the Energy Searcher.

Daewoo holds a 60% stake in the block. The other partners are ONGC (20%), Gas Authority of India Ltd (10%) and Korea Gas Corp (10%).