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5 Apr 2024

PTT Exploration and Production Public Company Limited

PTT Exploration and Production Public Company Limited's statement concerning Chevron's withdrawal in the Yadana gas project

"The Withdrawal of a Partner from Yadana Project in Myanmar", 5 April 2023

PTT Exploration and Production Public Company Limited, or PTTEP, wishes to announce that, Unocal Myanmar Offshore Company Limited (UMOC), a wholly owned subsidiary of Chevron Group, had decided to withdraw its investment in the Yadana project. All withdrawal processes were subsequently fulfilled on 5 April 2024. Following the withdrawal, UMOC’s participating interest was distributed to the remaining partners, resulting in PTTEP’s participating interest of 62.9630 % in the Yadana project. The withdrawal was effective from 1 April 2024.

The Yadana project, which started its first natural gas production in 1998, is located in the Gulf of Moattama, Myanmar. This project holds strategic importance in energy security for both Thailand and Myanmar. PTTEP, as the operator of the project, will carry out the gas production from the field in order to supply energy to meet people’s needs and maintain energy security in both Thailand and Myanmar.