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French-headquartered energy giant TotalEnergies has completed all the required steps to pull out of Myanmar while Thailand’s PTTEP has taken over the operatorship helm at the Yadana offshore gas field.
Back in January 2021, TotalEnergies announced its decision to withdraw from its operations in Myanmar, specifically the Yadana field and gas transportation company MGTC, both as a shareholder and as an operator, without any financial compensation amid a worsening situation following last year’s military coup in the country.
This decision resulted from the firm’s assessment that it was no longer able to make a “sufficiently positive contribution” in the country, and was not able to meet the expectations of stakeholders who were asking it to stop the revenues going to the Burmese state through the state-owned company MOGE from the Yadana field production.
After revealing its decision, TotalEnergies continued to act as a “responsible” operator, undertaking due diligence to ensure its withdrawal in a “responsible manner” towards its stakeholders in Myanmar, including its employees as well as the long-standing supported local communities.
By March, the company was already implementing the decision with PTTEP taking over as the new operator as well as taking on TotalEnergies’ employees in the country to guarantee the “continuity and safety” of production at the Yadana gas field while ensuring an “orderly” transfer of operations.
