Thai energy company to run Myanmar gas field after Total, Chevron exit

Thai energy company to run Myanmar gas field after Total, Chevron exit

/ Oil & Gas / Tuesday, 15 March 2022 14:26

Thai energy company PTTEP will take over the operations of Myanmar's vital Yadana gas field following the withdrawal of global giants Chevron and TotalEnergies in January.

The American and French firms pulled out of Myanmar as a result of the growing international pressure from human rights groups to cut financial ties with the junta after last year's military coup.

The Yadana gas field in the Andaman Sea provides electricity to Myanmar and Thailand, one of a number of gas projects that Human Rights Watch says make up Naypyidaw's single largest source of foreign currency revenue, generating more than $1 billion annually.

"After the decision of TotalEnergies to withdraw from Yadana project, PTTEP has thoroughly considered to take a step as the successor operator in order to ensure the no interruption of natural gas supply," PTT Exploration and Production Public Company (PTTEP) has said.

PTTEP –a unit of Thailand's majority state-owned energy firm PTT – will take control of operations from July 20, saying the "continuity in gas production and preventing disruption to energy demand" was of utmost importance.

The field accounts for roughly 50% of Myanmar's gas demand, PTTEP said, and around 11% of Thailand's.

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