By Giulia Petroni

 

TotalEnergies SE said Wednesday that it has fully withdrawn from Myanmar, citing deteriorating humanitarian conditions in the country since the military coup last year.

The French oil-and-gas major said it has decided to withdraw from the Yadana gas field and from gas transportation company MGTC both as operator and shareholder.

"TotalEnergies was no longer able to make a sufficiently positive contribution in the country, and was not able to meet the expectations of stakeholders who were asking to stop the revenues going to the Burmese state through the state-owned company MOGE from the Yadana field production," the company said.

TotalEnergies also said it worked closely with the new operator, Thailand's national company PTTEP, in order to guarantee continuity of production at the Yadana field.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

July 20, 2022 06:09 ET (10:09 GMT)

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