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    TotalEnergies, Chevron to exit Myanmar [Update]

Summary

The human rights situation in the country has worsened since the coup of February 2021, the French company said. [Update clarifies Chevron's exit from Myanmar and adds quote]

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Exploration & Production, Investments, Political, News By Country, Burma

TotalEnergies, Chevron to exit Myanmar [Update]

French energy producer TotalEnergies on January 21 said it was withdrawing from Myanmar, citing abuses and human rights violations in the country following last year’s coup. US major Chevron also said it will exit Myanmar.

TotalEnergies operates the Yadana gas field offshore Myanmar. Its partners are Chevron, Thai state-owned PTTEP and Myanma Oil and Gas Enterprise (MOGE), a state-owned enterprise of Myanmar. MOGE collects revenues on behalf of the government.

“While our company considers that its presence in a country allows it to promote its values, including outside its direct sphere of operations, 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 and no longer allows TotalEnergies to make a sufficiently positive contribution in the country,” the company said.

Total said it would withdraw without financial compensation and hand over its interests to the other stakeholders. 

Chevron too said it was withdrawing from the southeast Asian nation. "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.  We have been in discussions with the operator to understand their position.  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," it said.