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.
A longstanding US lawsuit filed against ExxonMobil (NYSE:XOM) that alleges the oil and gas giant was responsible for human rights violations, including sexual assault, battery and wrongful death, that was committed by members of the Indonesian military, looks set to be heard after 20 years, as the company’s repeated attempts to block the trials have been overturned.
A longstanding US lawsuit filed against ExxonMobil (NYSE:XOM) that alleges the oil and gas giant was responsible for human rights violations, including sexual assault, battery and wrongful death, that was committed by members of the Indonesian military, could be heard in court within months, reported Nikkei Asia.
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.
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.
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.
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.
The Pentagon added CNOOC among four more Chinese companies to a list of firms it says are owned or controlled by China’s military, exposing them to increased scrutiny and potential sanctions by the US.
Nigeria said its military has made an arrest of a suspected leader of the Niger Delta Avengers militant group.
The Norwegian oil fund has drawn up plans to protect its assets from extreme political events such as military invasion or coup.
Airbus Helicopter said it plans to take a more military focus to its business in the coming years, according to reports.