Total and Chevron are pulling out of Myanmar [CNN]
Chevron Corporation (CVX)
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Source: CNN
"The situation, in terms of human rights and more generally the rule of law, which have kept worsening in Myanmar since the coup of February 2021, has led us to reassess the situation and no longer allows TotalEnergies to make a sufficiently positive contribution in the country," the French oil company said in a statement. TotalEnergies has operated the offshore Yadana gas field in Myanmar since 1992, and is the biggest shareholder in the project. About 70% of the gas is exported to Thailand. In its statement, the company said it was unable to prevent revenues from the Yadana gas field reaching the government of Myanmar. Chevron , which owns a smaller stake in Yadana, also said it was quitting the country. "In light of circumstances in Myanmar, we have reviewed our interest in the Yadana natural gas project to enable a planned and orderly transition that will lead to an exit from the country," a Chevron spokesperson said. "As non-operator with a minority interest in the
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