Woodside Petroleum Ltd. will withdraw from all its interests in Myanmar.
The company has operated in the country since 2013, conducting a number of exploration and drilling campaigns. It company holds a 40% interest and operatorship in the A-6 joint venture and participating interests in exploration permits AD-1 and AD-8.
Woodside flagged its concern following the State of Emergency declaration in February 2021 when it placed all its business decisions in the country under review. It cited the deteriorating human rights situation.
Woodside completed relinquishment of offshore blocks AD-2, AD-5, and A-4 in 2021 and is in the process of withdrawing from blocks AD-6, AD-7, and A-7.
The company will now begin arrangements to formally exit blocks AD-1 and AD-8, the A-6 joint venture, and the A-6 production sharing contract held with the Myanmar Oil and Gas Enterprise.
Woodside Chief Executive Officer Meg O’Neill said that while Woodside had hoped to develop the A-6 gas resources with its JV partners and deliver energy to Myanmar’s domestic market, there was no longer a viable option for the company to continue its activities, nor other future activities in-country.