US oil major Chevron has agreed to divest its assets in Myanmar to Canadian company MTI for an undisclosed sum, reported Reuters.

The deal will allow Chevron to exit the Asian country. Several other oil companies have recently decided to leave the country due to the prevailing humanitarian situation in the wake of the military coup in 2021.

Under the deal, Chevron will divest its 41.1% stake in the Yadana Project to a subsidiary of MTI.

Currently, Chevron owns the non-operated stake in the Yadana gas field through its affiliate Unocal Myanmar Offshore (UMOCL).

The field is located in the Andaman sea, around 60km offshore from the nearest landfall in Myanmar.

Last July, TotalEnergies divested its stake in the Yadana field, with no commercial value.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This stake was divided between the remaining joint venture partners, namely Myanma Oil and Gas Enterprise (MOGE), Chevron, and Thailand’s PTT Exploration & Production (PTTEP).

PTTEP subsequently took over as the new operator of the project.

Last year, Reuters quoted a Chevron spokesperson as saying: “In light of circumstances in Myanmar, we have reviewed our interest in the Yadana natural gas project to enable a planned and orderly transition that will lead to an exit from the country.

“As a non-operator with a minority interest in the project, our immediate priority remains the safety and well-being of employees, safe operations, and the supply of much-needed energy for the people of Myanmar and Thailand.”

The Yadana field has a production capacity of nearly six billion cubic metres of gas a year. Of this, about 30% is sold to MOGE for domestic use, while the remaining 70% is exported to Thailand.