Thailand state oil and gas explorer PTTEP looks set to take over Myanmar’s biggest gas field as TotalEnergies and Chevron confirmed their exits, citing the worsening humanitarian situation following a coup.
A move by PTTEP to become operator of Yadana field, in which it already has a 25.5% stake, would keep vital gas supplies flowing to Thailand and Myanmar.
Both TotalEnergies and Chevron were part of a group operating the Yadana gas project off Myanmar’s southwest coast along with the Moattama Gas Transportation Company that runs a gas pipeline from the field to Myanmar’s border with Thailand. PTTEP would have an 85% stake in Yadana if it took all the interest held by TotalEnergies and Chevron. PTTEP already operates Myanmar’s smaller Zawtika field with an 80% stake; Myanmar’s state energy firm Myanma Oil and Gas Enterprise holds the remaining 20%.
Yadana produced 770 MMcf/D of gas in 2021, of which 570 MMcf/D was supplied to Thailand and the rest used to generate Myanmar’s electricity.