PTTEP has announced its decision to withdraw from the Yetagun project and the gas transportation company in Myanmar as part of its portfolio management.
Mr. Montri Rawanchaikul, Chief Executive Officer, PTT Exploration and Production Public Company Limited (PTTEP), said the company has notified the joint venture partners in the Yetagun project and Taninthayi Pipeline Company LLC (TPC), a gas transportation company delivering gas from the Yetagun project to Thailand, on its decision to withdraw as the partner from both entities. PTTEP’s shares of 19.31% will be allocated proportionately to the remaining shareholders with no commercial value and will be effective upon regulatory approval.
The withdrawal is part of the company’s portfolio management to refocus on projects that support the energy security for the country.
PTTEP remains placing utmost importance on the continuity of natural gas production as it is a main resource for electricity generations, which is basic necessity to support the livelihood and improve the quality of life for people. It is also the essential factor of the energy security and economic development.
The Yetagun project is located offshore in the Gulf of Moattama, Myanmar. Total sales volume from the project in 2021 averaged 17 million standard cubic feet per day (MMSCFD) for natural gas and approximately 560 barrels per day for condensates.