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TotalEnergies exits from Myanmar amid political turmoil

TotalEnergies exits from Myanmar amid political turmoil

 

French energy major TotalEnergies has ‘definitively’ withdrawn from Myanmar, citing the deteriorating human rights situation in the country caused by last year’s military coup.

In January this year, the French firm announced its decision to exit from the Yadana field and from the associated pipeline firm Moattama Gas Transportation Company (MGTC) in Myanmar, without seeking any financial compensation.

The decision follows an assessment, which determined that the company would no longer be able to make a ‘sufficiently positive contribution’ in the Asian country.

TotalEnergies said its stakeholders also wanted the firm to stop the revenues from the production of the gas field going to Myanmar through the junta-controlled Myanma Oil and Gas Enterprise (MOGE).

In a press statement, the firm said: “Since January 2022, TotalEnergies has continued to act as a responsible operator and has undertaken due diligence to ensure its withdrawal in a responsible manner towards its stakeholders in Myanmar, including its employees, as well as the long-standing supported local communities.”

TotalEnergies’ shares in the Yadana field will now be divided equally among the other project partners, which include US-based Chevron, Thailand’s national company PTTEP, and the state-owned national oil company MOGE.

PTTEP will also serve as the new operator of the project.

TotalEnergies’ withdrawal is effective from 20 July 2022, in accordance with the contractual six-month notice period.

It also complies with the European sanctions imposed on Myanmar in February 2022.

“All our employees in Myanmar were offered employment with the new operator, under the same job and salary conditions, thus securing their professional future,” TotalEnergies said in a statement.

The Yadana field has a production capacity of nearly six billion cubic metres of gas per annum. Of this, approximately 30% is sold to MOGE for domestic use while the remaining 70% is exported to Thailand.

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Published: 21-07-2022

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