Tuesday, May 21st 2024

U.S Energy Giant Chevron Finally Withdraws from Its Natural Gas Stake in Myanmar

U.S. energy company Chevron has confirmed its withdrawal from operating in the Yadana natural gas field in Myanmar.

A Chevron spokesperson announced the company's departure from operations in Myanmar, confirming the sale of its shares to Junta-owned Myanma Oil and Gas Enterprise (MOGE) and Thailand-based PTT Exploration and Production (PTTEP).

Chevron pulls out of Myanmar, two years after condemning violence and human rights abuses of the Junta and announcing its intention to exit operations. Chevron has exited Myanmar, in accordance with the commitment made over two years ago, as confirmed by its spokesperson.

Justice For Myanmar commented, “The Yadana gas project has been a lucrative source of revenue for the illegitimate junta and financed its campaign of terror against the people. Chevron and its partners been complicit in the junta’s war crimes and crimes against humanity through participation in the Yadana project.

Chevron's 41.1% stake in the gas field has been redistributed to the remaining shareholders PTTEP and MOGE. Thailand ‘s PTTEP, the operator of the gas field, now holds 62.96% of the stake. 70& of the natural gas in exported to Thailand

PTTEP in a statement claimed that their role in operating the Yadana natural gas field in Myanmar was vital to the energy security of both Thailand and Myanmar.

The Chevron spokesperson insisted that, “Chevron had planned to withdraw from Myanmar because of the humanitarian crisis stemming from the 2021 coup. Now that plan has been put into action.”

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