Posco International is one of the last foreign companies with a significant stake in Myanmar’s oil and gas sector, despite the industry’s ties to a military regime that has been widely condemned for violations of human rights.
TotalEnergies, which on 21 January announced a rapid withdrawal from Myanmar because the situation in the country no longer allowed the French company to make a “sufficiently positive contribution”, said its exit will be “responsible.”
TotalEnergies (LSE: TTE) and Chevron (NYSE:CVX) said today that they will exit Myanmar due to the worsening situation in the Southeast Asian country, particularly concerning human rights abuses by the junta, since the military-led coup on 1 February 2021.
A military coup is seemingly under way in Sudan, with security forces having detained Prime Minister Abdalla Hamdok and various ministers.
Thailand’s PTT Exploration & Production (PTTEP) is managing to maintain its upstream oil and gas production obligations in Myanmar despite recent turbulence in the country that has delayed some activities.
Transocean’s Deepwater Nautilus semi-submersible unit looks set to keep drilling offshore Myanmar for South Korea’s POSCO after the Swiss-based driller announced a contract extension.
A United Nations (UN) human rights investigator has urged countries to impose economic sanctions on Myanmar’s oil and gas sector to cripple the military junta that seized power in a coup five months ago, reported Reuters.
Fitch Solutions believes that the Myanmar military government’s solar project push, the first attempt at stimulating foreign investment since the coup, will not succeed and will do little to turn the gloomy economic situation around.
Activist group Justice For Myanmar, which documents military-linked financial matters in the country, has accused French major Total of making excessive profits at Myanmar’s expense.
Malaysian national oil company (NOC) Petronas has declared force majeure on its Yetagun field off Myanmar, which is on the brink of civil war, due to the depletion of gas production.
Australia’s Woodside Energy is reducing its presence in Myanmar and expects to fully demobilise its offshore exploration drilling team over the coming weeks following reports of human rights violations in the Southeast Asian nation.
Human rights groups and industry executives have slammed Woodside Energy’s rationale to proceed with a major gas development and exploration campaign in Myanmar following a military coup and subsequent bloody protests.
Transparency campaigners in Myanmar have appealed to foreign upstream producers to stop paying revenue to the military-led government which seized power in coup on 1 February.
Myanmar’s transition towards renewable energy sources will face near-term headwinds after the recent military coup. However, analysts are more optimistic over the medium to longer term given the dominance of Chinese companies in the sector.
There is a high risk that political turmoil in Myanmar will negatively affect the energy sector, however, Chinese companies look set to benefit from the tumultuous environment, according to Fitch Solutions Country Risk & Industry Research.
Malaysian national oil company (NOC) Petronas said that it is making every effort to ensure the safety of about 155 workers that are sub-contracted on a barge servicing its Yetagun platform in the Andaman Sea off Myanmar following the military coup.
The bloodless military coup in Myanmar has triggered some upstream companies to assess whether they should activate force majeure clauses in their production-sharing contracts (PSCs) with the government.
The atmosphere in Myanmar remains volatile after the military seized power from the National League for Democracy (NLD) government and is creating logistical challenges for upstream companies, including Woodside Energy, that operate in the country.
Myanmar faces a potential energy crunch following a bloodless military coup that is set to delay urgent upstream investment and derail vital liquefied natural gas (LNG) import projects.
Oil is flowing unhindered through Turkey’s pipelines and waterways, one of the world’s largest energy trading corridors, after a coup attempt against President Recep Tayyip Erdogan failed.