Thailand’s state-backed energy company PTT Exploration & Production (PTTEP) has decided to delay the development of its integrated gas-to-power project, that would use resources from the M3 Block, to generate electricity in Myanmar, according to a report in the Bangkok Post.
Singapore-listed Interra Resources reported that its joint venture entity, Goldpetrol Joint Operating Company, has started drilling development well CHK 1238 in the Chauk oil field onshore Myanmar.
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TotalEnergies said Wednesday that it has “definitively withdrawn” from Myanmar following its announcement in January that it had decided to exit the Yadana field and from gas transportation company MGTC, both as shareholder and as operator, within six months.
Thailand’s state-backed upstream player PTT Exploration & Production (PTTEP) is facing significant gas supply challenges that pose further downside risks to the Southeast Asian nation’s gas power sector, warned Fitch Solutions.
Malaysia’s Petronas and Thailand’s PTT Exploration & Production (PTTEP) have announced they will exit the Yetagun gas project offshore Myanmar as they rationalise their upstream portfolios. Neither company denounced the military-led coup in their exit statements.
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.”
Thailand’s PTT Exploration & Production (PTTEP) has confirmed it will take over operatorship of the Yadana gas field offshore Myanmar in July as TotalEnergies (LSE:TTE) walks away in a transaction with no commercial value.
Chevron is seeking to sell its share of the Yadana gas field to Thailand’s PTT Exploration & Production (BKK:PTTEP) as TotalEnergies gives its operated interest away for free in what appears to be a hasty retreat from Myanmar.
Malaysia’s Petronas and Japan’s Mitsubishi Corporation are divesting their shares in the Yetagun gas field offshore Myanmar. The move marks the latest in a series of exits by major energy companies, including Chevron and TotalEnergies, following the military coup in February 2021.
Malaysia’s national oil company Petronas is setting up a business unit focusing on clean energy solutions as part of a global operational shuffle.
PTT, Thailand’s state-controlled energy company, is bidding to take control of Myanmar’s Yadana gas field after TotalEnergies (LSE:TTE) and Chevron (NYSE:CVX) announced they will exit the country to protest against the junta’s continued violence against civilians since the military coup.
Australia’s Woodside (ASX:WPL) is making a complete exit from Myanmar due to the deteriorating human rights situation in the Southeast Asian nation. The decision follows TotalEnergies (LSE:TTE) and Chevron’s (NYSE:CVX) recent announcement that they will both exit Myanmar.
Thailand’s PTT Exploration & Production (PTTEP) (BKK:PTTEP) looks set to takeover operatorship at the Yadana gas project offshore Myanmar after TotalEnergies announced its decision to withdraw from the troubled country last week.
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.
China’s announcement at the United Nations General Assembly that it will no longer build any new coal-fired power plants abroad accelerates the energy transition in Asia’s emerging markets but also raises challenges, according to a new analysis by the IHS Markit Global Power and Renewables service.
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.