ENEOS, PETRONAS, PTTEP to withdraw from Myanmar

ENEOS subsidiary JX Nippon Oil & Gas Exploration Corporation has announced plans to exit Myanmar, withdrawing from the Yetagun gas project due to concerns about “the country’s current situation”.

PETRONAS subsidiaries PETRONAS Carigali Myanmar Inc and PC Myanmar have similarly announced their intentions to withdraw from the Yetagun gas project. So has Thailand’s PTTEP, calling the move “a part of the company’s portfolio management to refocus on projects that support the energy security for the country” in a press statement.

JX Nippon Oil & Gas Exploration Corporation holds a 40% stake in the Nippon Oil Exploration (Myanmar), which was involved in the Yetagun project.

In a press release, JX stated, “We are very concerned about the situation in the country after the coup which occurred in February 2021. 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.

We would like to proceed with this withdrawal in an orderly manner, in accordance with the relevant contracts. We sincerely hope for the country’s serious situation to be resolved as soon as possible.”

This withdrawal will be effective after approval from the government of Myanmar.