Oil majors withdraw from the country, citing the worsening humanitarian situation after last year’s coupA Chevron gas station sign is seen in Del Mar, California, US, in this April 25 2013 file photo. Picture: REUTERS/MIKE BLAKE
TotalEnergies and Chevron, along with other firms, were part of a joint venture operating the Yadana gas project off Myanmar’s southwest coast, and the MGTC transportation system carrying gas from the field to the Myanmar/Thailand border.
“Financial considerations have never been crucial in this matter. Our operations in Myanmar amounted to $105m in 2021, equivalent to less than 1% of the company’s income,” said a TotalEnergies spokesperson.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.
“Exploration blocks have been relinquished, therefore there is no production, revenue nor related payment to government,” a spokesperson told Reuters.Rights groups welcomed TotalEnergies’ move and said more companies — and sanctions on Myanmar’s oil and gas — should follow.
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