Mitsubishi, Petronas to exit Myanmar gas project: press
Malaysia's Petronas and Japan's Mitsubishi Corp. are divesting their stakes in Myanmar’s Yetagun gas field, Reuters reported on February 18.
A spokesperson from Mitsubishi told the news agency it would be difficult to continue the business from technical and economic points of view. The company, which indirectly holds a 1.93% stake in the Yetagun gas field offshore Myanmar, is in talks with other partners in its JX Myanmar joint venture.
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Petronas said earlier this month that its subsidiary, PC Myanmar (Hong Kong), the operator of Yetagun field, had signed agreements for the sale of its entities related to Petronas' upstream operations in Myanmar in July last year. A Petronas spokesperson told Reuters the transaction was pending completion and declined to identify the buyer. PC Myanmar (Hong Kong) holds a 40.9% stake in Yetagun, while Myanma Oil and Gas Enterprise owns 20.5%.
A Japanese consortium, led by the Japanese government and JX Nippon Oil & Gas Exploration, a unit of oil refinery Eneos Holdings, has a 19.3% stake while the remainder is owned by Thai PTTEP International.
"Eneos is looking at various possibilities with its business partners," a company spokesperson told Reuters when asked whether it planned to continue the gas project in Myanmar.
Last month, TotalEnergies and Chevron Corp., partners in Yadana gas field offshore Myanmar, said they were withdrawing from the country citing abuses and human rights violations in the country following last year’s coup. Australian energy company Woodside has also decided to withdraw from its interests in Myanmar.