PTT Pcl (Thailand) is brainstorming to take over the Yadana gas field in Myanmar after TotalEnergies SE, and Chevron Corporation departed the nation to object against the junta’s sustained violence against citizens since the military coup d’état.
According to Zaw Min Tun, the lead spokesman for the State Administration Council, PTT Exploration and Production PCL, a faction of PTT, has acquired the amalgamated 59.5% stake possessed by TotalEnergies and Chevron. In addition, numerous regional companies are also eager to become the project’s part, and discussions have commenced between PTTEP, the government, and other prospective purchasers, Min Tun stated.
PTTEP has offered to acquire all stocks of TotalEnergies and Chevron. However, the State Administration Council is unsure whether they must allow PTTEP to take over all these stocks.
The Thai firm is designing to emerge as one of the recipients with Western firms departing the gas and oil sector amidst apprehensions of new-fangled approvals. The US has recently cuffed new sanctions of specific individuals and entities associated with the junta; it has refrained from chasing oil and gas firms in Myanmar. This is because oil and gas firms in Myanmar are widely witnessed as facilitating economic resources to the military administration.
TotalEnergies, the ex-operator of the Yadana gas field for approximately thirty years, held a 31.2% stake and stated that it would withdraw from the project and MGTC pipeline undertaking without demanding any monetary compensation. Whilst Chevron said it too would remove from the projects, PTTEP stated that it would prudently evaluate its options.
Unocal Myanmar Offshore Company, a Chevron associate, possessed 28.3% participating interest in the Yadana gas field project. PTTEP held 25.5% and the Myanma Oil and Gas Enterprise the remainder 15%, as per an exchange filing revealed by the Thai firm.
PTTEP recapped in a statement on Thursday that it is prudently considering possible directions of the Yadana gas field project and MGTC, prioritising the extreme importance of the energy safekeeping of Myanmar and Thailand. The firm is also striving to avert the impacts of energy demand on people’s livelihood in both nations.
According to TotalEnergies, approximately 70% of the 6 billion cubic meters per year of gas manufactured at the Yadana gas field is transferred to Thailand via the MGTC pipeline. The remainder is sold to operators in Myanmar.
The Yadana Gas Field
Located in the Andaman Sea, the Yadana gas field is approximately 60km seaward from the closest docking in Myanmar. The project has been developed in collaboration with regional communities and western oil in Myanmar. The Yadana gas field collaborates with regional communities and western oil firms to include regional communities and safeguard the environment.
The project comprised augmenting onshore and offshore amenities. Podiums and subsea gas pipelines have been established offshore. In addition, a land pipeline and a control and preservation centre alongside a gas metering station are developed for onshore sustenance.
About PTT Exploration and Production PCL
PTTEP is a petroleum exploration and production firm in Thailand that devotes itself to facilitating a sustainable petroleum supply. In addition, the firm supplies to Thailand and the nations it operates in to enable foreign exchange incomes to the country.
PTTEP is dedicated to doing its business with preciseness and transparency whilst giving all shareholders justly and equally within good corporate governance, the code of business demeanour, and compatible with the Human Rights Principles of the United Nations without retaining illegal labour. Therefore, employee education regarding just corporate governance and the code is frequently endorsed.
Since 2011, PTTEP has emerged as a contributor of the United Nations Global Compact to cement its promise to its ten objectives correlated to four core areas: labour, human rights, environment, and anti-corruption, which is compliant with the firm’s good Corporate Governance and Code of Business Demeanour.