BANGKOK, April 29 — Thailand’s oil and gas conglomerate PTTEP and Malaysia’s Petronas announced today they would withdraw from the Yetagun gas project in coup-hit Myanmar.
Petronas subsidiary Carigali holds a roughly 41 per cent stake in the Yetagun project while PTTEP has a 19.31 share. Petronas, which has operated the project since 2003, said in a statement the decision followed a review and was part of an “asset rationalisation strategy” to adapt to “the changing industry environment and accelerated energy transition”.Japan’s Nippon Oil and Gas Exploration and Myanmar’s junta-linked Myanma Oil and Gas Enterprise have the remaining stakes in the project.
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