Petronas Carigali Sdn. Bhd.(Petronas) and PTT Exploration and Production Public Co. Ltd. (PTTEP) will withdraw from Blocks M12, M13, and M14 in Yetagun gas field, offshore Myanmar, and from the Taninthayi Pipeline Co. LLC (TPC).
The Yetagun project is in the Gulf of Moattama. Total sales volume from the project in 2021 averaged 17 MMscfd natural gas and about 560 b/d condensate. TPC delivers gas from the Yetagun project to Thailand.
PTTEP said the withdrawal is part of the company’s portfolio management to refocus on projects that support energy security for the country. Petronas decided to withdraw following a techno-commercial review in alignment with asset rationalization for a portfolio that fits growth ambitions amid the changing industry environment and accelerated energy transition.
Petronas subsidiary PC Myanmar (Hong Kong) Ltd. (PCML) was operator of the Yetagun Gas Project since 2003, where it held 40.9% participating interest. Other partners included Myanma Oil & Gas Enterprise (20.5%), Nippon Oil Exploration (Myanmar) Ltd. (19.3%), and PTTEP (19.3%).
PTTEP’s 19.31% shares in TPC will be allocated proportionately to the remaining shareholders with no commercial value and will be effective upon regulatory approval.