French major TotalEnergies confirmed its withdrawal strategy from the Yadana natural gas field in the Asian state Myanmar after Thailand’s state energy company PTTEP said it was taking over the operatorship of the gas field.
TotalEnergies said that since its Myanmar pull-out decision in January 2022 on human rights concerns it had initiated a due diligence process.
“This was to ensure a responsible withdrawal for its stakeholders in Myanmar, particularly its employees and the local communities that have been supported by TotalEnergies for many years through its role as an operator in the Moattama Gas Transportation Company (MGTC) pipeline area.
The company said that on March 14 Thailand's PTTEP had confirmed its willingness to take over as operator of the Yadana field and MGTC and, in line with this decision, to increase its direct stake in Yadana by taking over TotalEnergies’ equity share.
“Chevron has also decided to take over TotalEnergies’ equity share, thereby increasing its stake in Myanmar,” the company explained.
“TotalEnergies has chosen to withdraw from Myanmar without seeking any financial compensation for its assets,” it confirmed.
In addition, the company added that PTTEP had expressed its willingness to take on all staff currently employed by the TotalEnergies affiliate in Myanmar.
“TotalEnergies is working closely with PTTEP to ensure that the transition occurs in a fair and orderly manner,” said the statement.
“TotalEnergies will help all those who wish to transfer to the new operator and will ensure that they continue to be employed under the same conditions,” it added.
