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Petronas is out of the Yetagun field in Myanmar

Petronas is out of the Yetagun field in Myanmar

KUALA LUMPUR, 30 April 2022 – PETRONAS’ yesterday says its subsidiaries, PETRONAS Carigali Myanmar Inc (PCMI) and PC Myanmar (Hong Kong) Limited (PCML) have withdrawn from
Blocks M12, M13 and M14 which are located in the Yetagun field, offshore Myanmar.

The company says the decision was made following a thorough techno-commercial review in alignment with PETRONAS’ asset rationalisation strategy.

The company also says the decision is based on its growth ambitions amid the changing industry environment and accelerated energy transition.

PCML had operated the Yetagun Gas Project since 2003. It held 40.9 percent participating
interest in the business.

Other partners included Myanma Oil & Gas Enterprise (20.5 percent), Nippon Oil Exploration (Myanmar) Limited (19.3 percent) and PTTEP International Limited (19.3 percent).

Yetagun began production in April 2000, delivering gas to Thailand through a 277-km pipeline.