Chemicals

Mitsubishi and Petronas will exit the Yetagun gas project in Myanmar

Malaysian Petronas and Japanese Mitsubishi are selling their stakes in the Yetagun gas condensate field in offshore Myanmar. Reuters.

The move comes at a time when several major energy companies are retreating from the country after last year’s military coup.

A Mitsubishi spokesman told the news agency that the company would find it difficult to continue the business, given the economic and technical points of view.

Mitsubishi owns an indirect stake of 1.93% Etagun a gas field located off the south coast of Myanmar.

The company is currently in talks with Japanese partners to sell its stake in the project.

Petronas subsidiary and Yetagun field operator, PC Myanmar (Hong Kong), also agreed last year to sell its organizations involved in upstream operations in Myanmar, Reuters reported, citing the company.

According to a Petronas spokesman, the deal with the undisclosed firm must be completed.

PC Myanmar owns a 40.9% stake in the Yetagun project, while Myanma Oil and Gas Enterprise owns a 20.5% stake.

The Japanese consortium led by the Japanese government and subsidiary Eneos JX Nippon Oil & Gas Exploration owns 19.3% of the shares, and the remaining stakes are owned by Thailand’s state energy company PTT Exploration and Production (PTTEP).

A spokesman for Eneos told Reuters: “Eneos is considering various opportunities with its business partners.”

PTTEP recently announced its plan take part in the auction for the Yadan gas field in Myanmar after the release of TotalEnergies and Chevron.

Both partners said they were leaving Jadan due to the deteriorating humanitarian situation after the military coup.

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