Chevron to sell Myanmar stakes

Myanmar

HOUSTON, April 18, 2016 – Chevron will sell its stakes in Myanmar gas assets, sources familiar with the matter stated on Monday. If it comes to pass, the deal would be in the range of USD 1.3 billion, making it the biggest Myanmar asset sale in history.

The move, which comes as part of Chevron’s strategy to sell off non-core assets, will see the company sell its 28.3% stakes in the Total-operated offshore Yadana and Sein gasfields. Chevron also holds a 99% share in the Rakhine Basin’s Block A5 exploration area.

Chevron has been working in Myanmar for more than two decades, and in 2015 produced 3.3 mcm (117 mcf) of natural gas per day on average.