PETRONAS today announced that it will withdraw from the Yetagun gas project in coup-hit Myanmar.

PTTEP, the Thai oil and gas conglomerate, too, announced a similar withdrawal.

Petronas subsidiary Carigali holds a roughly 41% stake in the project, while PTTEP holds a 19.31% stake.

There has been an exodus of global energy firms from Myanmar, including Chevron and TotalEnergies, following the military takeover and subsequent allegations of human rights abuses last year.

More than 1,800 civilians have died during a military crackdown and more than 13,000 have been arrested, according to a local monitoring group.

Petronas, which has operated the project since 2003, said the decision follows a review and is part of an “asset rationalisation strategy” to adapt to “the changing industry environment and accelerated energy transition”.

PTTEP chief executive Montri Rawanchaikul said: “The withdrawal is part of the firm’s portfolio management to refocus on projects that support the energy security for the country.”

The 24,130 sq km field in the Gulf of Moattama produces natural gas and condensate.

Japan’s Nippon Oil and Gas Exploration and Myanmar’s junta-linked Myanma Oil and Gas Enterprise have the remaining stakes in the project.

However, PTTEP’s move is not the end of its involvement with Myanmar.

It last month said it will take over the running of the vital Yadana gas field, following Chevron and TotalEnergies’ withdrawal in January.

The American and French firms said they will pull out of Myanmar following growing international pressure from human rights groups to cut financial ties with the junta.

Other international firms – including British American Tobacco and French renewable energy firm Voltalia – have also withdrawn from Myanmar since February last year.

A Justice for Myanmar spokesman called on companies involved with the Yetagun gas project to completely sever ties with the military.

“The field is near depletion. We call on Petronas and its international partners to decommission the field in accordance with environmental best practices, and responsibly disengage,” said Yadanar Maung.

“Petronas and its partners must ensure no more revenue flows to the Myanmar junta.” – AFP, April 29, 2022.