PETRONAS is joining Chevron and Total Energies in pulling out of E&P operations in Myanmar. Malaysia's national oil company is selling its operated stake in the producing Yetagun offshore gas condensate project to an unnamed buyer. Confirming the move, Petronas told Upstream: "As a business entity, Petronas regularly and proactively reviews its entire portfolio to ensure that it remains resilient. This is increasingly critical given the continuously evolving energy landscape, as the group must ensure its investments support its growth strategy. "Petronas' subsidiary, PC Myanmar (Hong Kong) Ltd in July 2021 signed agreements for the sale of its entities related to Petronas upstream operations in Myanmar. This commercial transaction is currently pending completion, subject to regulatory approval and fulfilment of conditions precedent." A spokesperson for Japan's Mitsubishi told Reuters on Friday that it too is pulling out of Yetagun, as it would be difficult to continue with the investment from technical and economic perspectives. Mitsubishi, which indirectly holds a 1.93% stake in the project, is now in talks with its partners in the Nippon Oil Exploration (Myanmar) joint venture that holds a combined 19.3% interest in Yetagun. Petronas took the helm of the Yetagun gas condensate project in 2003 after acquiring a 26.67% operated stake from the UK's Premier Oil.
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