WASHINGTON, April 8 (Reuters) - U.S. energy company
Chevron ( CVX ) has quit the Yadana natural gas field in
Myanmar, a spokesperson said on Monday, more than two years
after it condemned violence and human rights abuses there and
announced it would leave.
Rather than being sold, Chevron's ( CVX ) 41.1% stake in the gas
field was redistributed to the remaining shareholders,
Thailand's PTT Exploration and Production and
state-owned Myanma Oil and Gas Enterprise (MOGE).
PTTEP, operator of the gas field, said on Friday its stake
in Yadana had increased to 62.96%.
"The withdrawal gives effect to our intention to exit
Myanmar in a controlled and orderly manner, following the
February 2021 coup, and ongoing humanitarian crisis," a Chevron ( CVX )
spokesperson said.
Myanmar has been in crisis since the army overthrew the
elected government in 2021. A crackdown on dissidents has since
given rise to a nationwide resistance movement backed by several
ethnic minority armies.
Located in the Gulf of Martaban, the Yadana field has
produced around 6 billion cubic meters (212 billion cubic
feet)per year of gas, 70% of which has been exported to Thailand
and about 30% supplied for domestic use to MOGE.
MOGE was seized by the junta through its 2021 attempted
coup.
Chevron ( CVX ) had said in January 2022 it would exit Myanmar and
in February 2023 said it had agreed to sell its assets there,
including its stake in the Yadana gas field, but instead has
withdrawn.
Rights groups and United Nations experts have accused
Myanmar's military of committing atrocities against civilians in
its efforts to crush the resistance.
The junta says it is fighting "terrorists" and has ignored
international calls to cease hostilities.
In 2021, French oil and gas group TotalEnergies
and Chevron ( CVX ) suspended some payments from Yadana that would have
reached Myanmar's junta, earning praise from pro-democracy
activists. TotalEnergies withdrew in 2022.
Justice for Myanmar, a non-profit group, said Chevron ( CVX ) exited
following sustained civil society pressure over payments from
the gas project to the Myanmar junta.
Chevron ( CVX ) said it has conducted its "exit from Myanmar in a
responsible, orderly and safe manner, in accordance with
international law and trade sanctions."
The administration of President Joe Biden last November
imposed sanctions on certain financial services by Americans to
MOGE, in the first direct action on the enterprise aimed at
weakening the military junta that controls it.
The U.S. Treasury said it would not comment on an individual
company's circumstances.