Statement: Changes in joint venture partner of the Yadana project in Myanmar
21 Jan 2022
PTT Exploration and Production Public Company Limited (PTTEP) has been notified of TotalEnergies EP Myanmar’s decision, dated January 21, 2022, to withdraw its investment and operatorship in the Yadana project and Moattama Gas Transportation Company (MGTC), the gas pipeline company for Yadana project in Myanmar. TotalEnergies EP Myanmar will continue its operatorship of the project for the next 6 months to maintain continuity in gas production.
PTTEP is considering potential directions of the Yadana project whereby putting the utmost importance for the energy security of Thailand and Myanmar and preventing impacts on energy demand to the livelihood of people in both countries. Yadana is the main source of natural gas supply for electricity generation that serves people in western Thailand and in Myanmar.
The consortium of Yadana project and MGTC consists of TotalEnergies EP Myanmar (as the Operator) with 31.2375% participating interest, Unocal Myanmar Offshore Company Limited (UMOCL) 28.2625%, PTTEP International Limited (PTTEPI) which is a subsidiary of PTTEP 25.5%, and Myanma Oil and Gas Enterprise (MOGE) 15%.
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The information, statements, forecasts and projections contained herein reflect the Company’s current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance is given that these future events will occur, or that the Company’s future assumptions are correct. Actual results may differ materially from those projected.