Chevron sells stakes and exits Myanmar

Myanmar

NAYPYIDAW, February 14, 2023 – Chevron has agreed to sell its oil and gas assets in Myanmar to Canadian independent MTI Energy, the American energy giant announced on Friday.

The deal includes selling its 41% stake in the Yadana gas project, which produces gas for domestic use and export to Thailand.

Cost of the transaction was not revealed.

Prior to the sale, Chevron purchased TotalEnergies’ 13% stake in the project, raising its participation to 41%

TotalEnergies shut its operations in Myanmar in January 2022.

The French energy giant divested its local operations in July 2022.

Both companies announced plans to leave the country following Myanmar’s military coup in 2021.

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