POSCO International will start exploration offshore Peninsular Malaysia after winning the rights to the 4,738 sq km shallow-water Block PM524 as the South Korean company seeks to expand its footprint outside of Myanmar in the Southeast Asia region.
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.
Deep-water drilling activities are bouncing back in Southeast Asia following a lacklustre 2020 with overall spending expected to rise 51% this year to $504 million and almost back to 2019 levels, estimates from Rystad Energy show.
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.
Petronas said yesterday that JPMorgan’s decision to exclude the Malaysian national oil company from its ESG Emerging Market Bond Index and ESG Asia Credit Index at the end of June 2021 is regrettable.
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.
French energy giant TotalEnergies has said it has done everything within its power for now to limit revenues going to the military junta in Myanmar while staying within a legal framework and maintaining crucial power supplies.
Total and Chevron will suspend cash distribution by a joint venture that counts a Myanmar state-owned company as a shareholder.
Thailand’s PTT Exploration & Production (PTTEP) is seeking a moored floating drilling rig for an appraisal drilling campaign off Myanmar.
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.
Despite the political and social turmoil in Myanmar, South Korea’s Posco International is sending a second deep-water drilling rig to the troubled Southeast Asian state to continue development work at the Shwe gas field.
French oil major Total must continue to produce gas in Myanmar and pay taxes to the military junta to protect staff from forced labor and maintain electricity supplies, Chief Executive Patrick Pouyanne said in an op-ed in Le Journal du Dimanche newspaper.
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.
The apparent overthrow of the Aung San Suu Kyi administration by the Myanmar military threatens more than $1 billion of potential upstream investment in the Southeast Asian nation.
With Myanmar’s general elections in the rearview mirror, upstream development expenditure could more than double to over $1 billion by 2023 compared to this year’s spend.