The US oil and gas company Chevron will sell its 41.1% interest in Yadana, Myanmar's largest gas field, to Et Martem, a subsidiary of the Canadian oil firm MTI Energy. The Yadana offshore gas field is located in the Andaman Sea, 60 km south of Myanmar’s coast, and contains more than 150 bcm of recoverable natural gas. The production from the field hovers between 6 and 8 bcm/year.
Chevron has not yet disclosed the terms of the agreement, which comes about one year after France’s TotalEnergies announced its decision to transfer its operatorship in the Yadana field to the Thai state-owned upstream firm PTTEP and to leave its 31.24% share to be absorbed pro-rata by the remaining co-venturers (Chevron, PTTEP and the state-owned Myanmar Oil and Gas Enterprise). The decisions from TotalEnergies and Chevron to exit Myanmar are a consequence of international sanctions following the military coup that happened in the country in February 2021.
In 2021, Myanmar produced 16.7 bcm of natural gas and had proved reserves reaching 295 bcm.