Chevron Boosts Exposure to Conflict-Hit Myanmar Before Exit
- Company still plans to leave country but no timeline announced
- PTT subsidiary has offered to take over as operator from Total
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Chevron Corp. is increasing its ownership in a gas project in Myanmar as it still works on a plan to leave the country due to violence and human rights violations following last year’s military coup.
The company, which announced in January an intention to end business in Myanmar, will nonetheless take over TotalEnergies SE’s stake in the Yadana gas field and the 250-mile (about 400-kilometer) MGTC pipeline as an interim measure while the French company exits the country as promised. TotalEnergies has been the operator of the Yadana gas field -- in which it has a 31.2% stake -- since 1992.