Malaysia’s Petronas and Japan’s Mitsubishi are selling their stakes in the Yetagun gas and condensate field, offshore Myanmar, reported Reuters.
The move comes as several major energy companies are retreating from the country, following last year’s military coup.
A Mitsubishi spokesperson told the news agency that it will be difficult for the firm to continue the business, considering the economic and technical points of view.
Mitsubishi owns an indirect stake of 1.93% in the Yetagun gas field, located off the southern coast of Myanmar.
The company is currently in talks with Japanese partners to divest its stake in the project.
Petronas subsidiary and operator of the Yetagun field, PC Myanmar (Hong Kong), also agreed, last year, to sell its entities related to its upstream operations in Myanmar, Reuters added, citing the company.
According to a Petronas spokesperson, the transaction with the undisclosed firm is due for completion.
PC Myanmar owns a 40.9% stake in the Yetagun project while Myanma Oil and Gas Enterprise owns a 20.5% stake.
A Japanese consortium, led by the Japanese Government and Eneos subsidiary JX Nippon Oil & Gas Exploration, owns a 19.3% interest while the remaining stake is held by Thailand’s state-owned energy company PTT Exploration and Production (PTTEP).
An Eneos company spokesperson told Reuters: “Eneos is looking at various possibilities with its business partners.”
PTTEP recently announced its plan to bid for the Yadana gas field in Myanmar, following the exit of TotalEnergies and Chevron.
The two partners said they were exiting Yadana due to the worsening humanitarian situation, following the military coup.