The overthrow of the Aung San Suu Kyi administration by the Myanmar military threatens more than $1 billion of potential upstream investment in Myanmar
Nay Pyi Taw, February 21 - Neftegaz.RU. Petronas
and Mitsubishi are divesting their stakes in Myanmar's Yetagun gas field, the companies said, following a host of other energy companies exiting the Southeast Asian
nations since the military-led coup
on 1 February 2021.
A spokesperson from Mitsubishi said Reuters on Friday it would be difficult to continue the business from technical and economic points of view.
The company, which indirectly holds a 1.93% stake in the Yetagun gas field offshore Myanmar, is in talks with other partners in its JX Myanmar joint venture.
Malaysian Petronas has a 40.9% interest in the Yetagun field
, with the state-owned Myanmar Oil & Gas Enterprise holding 20.5% and the Japanese joint venture holding 19.3%.
The Yetagun gas field, located in the Andaman Sea, offshore
Myanmar, in Blocks M12, M13 and M14.
Natural gas from the project is exported to Thailand by pipeline.
Between 2005 and 2013, Thailand
was importing more than 400 MMcf/day from Yetagun on average, but by 2020 this had dropped to an average of just 52 MMcf/d, according to data from the country's Energy Policy and Planning Office.
In January 2021, gas imports from Yetagun had fallen as low as 12 MMcf/d.
In January, French TotalEnergies and US major Chevron said that they will exit Myanmar due to the worsening situation in the country, particularly concerning human rights abuses by the junta.
also decided to exit from the country citing the deteriorating human rights situation.