According to TotalEnergies EP Myanmar’s decision, dated January 21, 2022, to withdraw its investment and operatorship in the Yadana project and Moattama Gas Transportation Company (MGTC), the gas pipeline company for Yadana project in Myanmar, PTT Exploration and Production Public Company Limited (PTTEP) has been formally notified of the changes. TotalEnergies EP Myanmar, the only joint venture partner officially announced the investment withdrawal, stated in the notification letter to PTTEP that the company will fully support the transition to the new operator of the project.
Gas production rate of the Yadana project in 2021 was approximately at 770 million cubic feet per day (MMSCFD), of which 570 MMSCFD is served electricity generation in the Western part of Thailand, and accounted for 10-15% of total gas demand in the country. The remaining 200 MMSCFD is supplied for electricity generation in Myanmar, and served around 50% of gas consumption in the country.
Operated through its subsidiary, PTTEP International Limited (PTTEPI), PTTEP has been in petroleum exploration and production in Myanmar for more than 30 years, producing natural gas to supply for Myanmar electricity generation, which is basic necessity for household and industry, including the everyday lives of people, public health, educational institutions, telecommunications, and businesses that contribute to the country’s economy. PTTEP has committed to conducting its business under Good Corporate Governance throughout three decades of its operations in Myanmar as well as in other countries.
