Japan's Eneos exits Myanmar gas project
JX Nippon Oil & Gas Exploration, a part of Japan’s Eneos Group, on May 2 announced its withdrawal from the Yetagun project, offshore Myanmar.
A Japanese consortium, led by the Japanese government and JX Nippon Oil & Gas Exploration, has a 19.3% stake in the project, which is operated by Malaysian state-owned Petronas.
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“We are very concerned about the situation in the country after the coup which occurred in February 2021,” JX Nippon said. “We have decided to withdraw after discussions taking into consideration the country's current situation including the solution of social issues, and project economics based on the technical evaluation of Yetagun gas fields.”
Petronas Carigali Myanmar, a unit of Petronas, has operated the Yetagun gas project since 2003, where it holds 40.9% participating interest. Other partners included state-owned Myanma Oil & Gas Enterprise (20.5%), Japanese consortium Nippon Oil Exploration (19.3%) and PTTEP (19.3%). Last week, Petronas and PTTEP announced their exit from the project.
TotalEnergies, Chevron and Woodside announced their withdrawal from Myanmar earlier this year. According to Reuters, Mitsubishi Corp., which is part of the Japanese consortium, has already announced its plans to exit the project.