Japan's Eneos to exit Yetagun project in Myanmar: press
Japan's Eneos Holdings will exit Myanmar's Yetagun gas project amid growing criticism that the project has funded the country's military regime, Nikkei reported on March 25.
The announcement comes weeks after Malaysia's state-run Petronas and Japan's Mitsubishi said they were divesting from the project. Petronas’ subsidiary, PC Myanmar (Hong Kong), the operator of Yetagun field, holds a 40.9% stake in Yetagun, while Myanma Oil and Gas Enterprise owns 20.5%.
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A Japanese consortium, led by the Japanese government and JX Nippon Oil & Gas Exploration, a unit of Eneos, has a 19.3% stake while the remainder is owned by Thai PTTEP International.
TotalEnergies earlier this week ceded control of the Yadana field in Myanmar and the MGTC pipeline that pumps its natural gas to PTTEP.
The French major said in January it would withdraw from Myanmar, where it has worked for 30 years, over worsening human rights abuses since the country's democratically elected government was overthrown by the military in February last year. Other international majors have announced similar steps, although PTTEP is staying given that the majority of Yadana's gas flows to Thailand.