South Korea-based Daewoo International has reportedly said that it has selected a Chinese firm as the preferred bidder for its Myanmar gas project, media sources have revealed.

Daewoo operates the A1 and A3 natural gas fields in Myanmar. It is seeking to award a contract for the right to purchase the gas through a pipeline. PetroChina is widely believed to be the front runner to secure the contract, Reuters said.

The two fields are estimated to hold around 4.5 to 7.7 trillion cubic feet of recoverable reserves. Daewoo has a 60% stake in the two fields. Korea Gas holds a 10% stake in the fields while India’s Oil and Natural Gas Corporation holds 20% and Gail holds the remaining 10%.

The other bidders for the gas contract are India and Thailand. China is also believed to be planning a $1.08 billion pipeline to connect it to Myanmar’s energy resources.