Oil majors TotalEnergies and Chevron withdraw from Myanmar
21 January 2022
Oil majors TotalEnergies (TTEF.PA) and Chevron Corp (CVX.N), partners in a major gas project in Myanmar, said [...] they were withdrawing from the country, citing the worsening humanitarian situation following last year's coup.
Royal Dutch Shell Plc (RDSa.L), in its first public acknowledgment of the move, also said [...] that it no longer held exploration licences in Myanmar as of last year.
"The situation, in terms of human rights and more generally the rule of law, which have kept worsening in Myanmar since the coup of February 2021, has led us to reassess the situation," TotalEnergies said in a statement.
"As a result, (it) has decided to initiate the contractual process of withdrawing from the Yadana field and from MGTC in Myanmar, both as operator and as shareholder, without any financial compensation for TotalEnergies."
A spokesperson later added that despite civil resistance movements, "the junta is settled in power and our analysis is that, unfortunately, it is there to stay."
A Chevron spokesperson said: "In light of circumstances in Myanmar, we have reviewed our interest in the Yadana natural gas project to enable a planned and orderly transition that will lead to an exit from the country." read more
"As a non-operator with a minority interest in the project, our immediate priority remains the safety and well-being of employees, safe operations and the supply of much-needed energy for the people of Myanmar and Thailand."
Shell, an equity holder in offshore Block A7 with partners Woodside Energy and Myanmar Petroleum Exploration and Production Co, said it had relinquished its exploration licences in Myanmar last year.
"Exploration blocks have been relinquished, therefore there is no production, revenue nor related payment to government," a spokesperson told Reuters.