PTTEP Gains Larger Stake in Myanmar's Yadana Gas Field as Chevron Exits Amid Crisis
Chevron, a US energy company, has withdrawn from the Yadana natural gas field in Myanmar, increasing Thailand's PTTEP's stake from 28.84% to 62.96%.
Chevron's 41.1% stake was redistributed to PTTEP and MOGE instead of being sold.
Chevron announced its exit in 2021 due to ongoing human rights abuses and the military coup in Myanmar.
Myanmar has been in crisis since the military seized power in a 2021 coup.
In response, a resistance movement backed by ethnic minority armies has formed.
The Yadana gas field in the Gulf of Martaban, which produces around 6 billion cubic metres of gas per year, has been a point of contention.
Sixty-seven percent of the gas has been exported to Thailand, while 30% is used domestically by the Myanmar Oil and Gas Enterprise (MOGE).
After the coup, MOGE was seized by the junta.
In January 2022, Chevron announced its intention to exit Myanmar and sell its assets, including its stake in the Yadana field.
However, as of February 2023, Chevron has withdrawn instead.
Human rights groups and UN experts have accused the military of committing atrocities against civilians in their efforts to suppress the resistance.
The Myanmar military, or junta, continues to disregard international calls to stop violence against pro-democracy activists and is labeled as fighting "terrorists." In 2021, TotalEnergies and Chevron suspended payments to the junta from the Yadana gas project, receiving praise from activists.
TotalEnergies withdrew completely in 2022, while Chevron exited under pressure from civil society.
Chevron maintains that its exit was done responsibly, adhering to international law and trade sanctions.
PTTEP, another company involved in the Yadana project, emphasizes its strategic importance for energy security in Thailand and Myanmar.
PTTEP, as the operator of a gas field, produces gas to meet energy needs and ensure energy security in Thailand and Myanmar.
However, the US government, under President Biden, imposed sanctions on MOGE (Myanmar Oil and Gas Enterprise) in November 2021, targeting American financial services to weaken the military junta's control over it.
Chevron announced its exit in 2021 due to ongoing human rights abuses and the military coup in Myanmar.
Myanmar has been in crisis since the military seized power in a 2021 coup.
In response, a resistance movement backed by ethnic minority armies has formed.
The Yadana gas field in the Gulf of Martaban, which produces around 6 billion cubic metres of gas per year, has been a point of contention.
Sixty-seven percent of the gas has been exported to Thailand, while 30% is used domestically by the Myanmar Oil and Gas Enterprise (MOGE).
After the coup, MOGE was seized by the junta.
In January 2022, Chevron announced its intention to exit Myanmar and sell its assets, including its stake in the Yadana field.
However, as of February 2023, Chevron has withdrawn instead.
Human rights groups and UN experts have accused the military of committing atrocities against civilians in their efforts to suppress the resistance.
The Myanmar military, or junta, continues to disregard international calls to stop violence against pro-democracy activists and is labeled as fighting "terrorists." In 2021, TotalEnergies and Chevron suspended payments to the junta from the Yadana gas project, receiving praise from activists.
TotalEnergies withdrew completely in 2022, while Chevron exited under pressure from civil society.
Chevron maintains that its exit was done responsibly, adhering to international law and trade sanctions.
PTTEP, another company involved in the Yadana project, emphasizes its strategic importance for energy security in Thailand and Myanmar.
PTTEP, as the operator of a gas field, produces gas to meet energy needs and ensure energy security in Thailand and Myanmar.
However, the US government, under President Biden, imposed sanctions on MOGE (Myanmar Oil and Gas Enterprise) in November 2021, targeting American financial services to weaken the military junta's control over it.
