The Thai state-owned fossil fuel company PTT Exploration and Production Company (PTTEP) has announced that Chevron’s subsidiary Unocal Myanmar Offshore Company (UMOC) had withdrawn its investment from the Yadana Project in Myanmar. Chevron's 41.1% stake in the gas field was distributed to the remaining partners, resulting in PTTEP’s participating interest reaching 62.96 % and state-owned Myanma Oil and Gas Enterprise (MOGE) 37.04%. The withdrawal was effective from 1 April 2024. The Yadana project, which started its first natural gas production in 1998, is located in the Gulf of Moattama (Myanmar) and is operated by PTTEP.
In February 2023, Chevron had announced its intention to sell its interests, a year after France’s TotalEnergies announced its decision to transfer its operatorship in the Yadana field to PTTEP and to leave its 31.24% share to be absorbed pro-rata by the remaining co-venturers. The decisions from both companies to exit Myanmar are a consequence of international sanctions following the military coup that happened in the country in February 2021.
Yadana's gas production is declining continuously, from around 7.4 bcm/year in 2022 (i.e. around 40% of the national production) to around 6 bcm in 2023, of which 70% is exported to Thailand and 30% supplied for domestic use to MOGE.
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