PTT Exploration and Production said other shareholders raised their stakes in the Yadana gas production project in Myanmar to ensure energy security in Thailand and Myanmar after Total Energies decided to withdraw from it.
Total Energies pulled out of Myanmar after firmly condemning the Feb. 1, 2021 military coup, saying it could no assist a regime involved in the abuses and human rights violations taking place there. The Thai company apparently has no qualms with human rights abuse and military totalitarianism.
The Yadana project produces 770 million cubic feet of natural gas a day. Of the output, 220 million cu. ft. are used to generate electricity in Myanmar and the rest are supplied to 12 power plants in Thailand, which generate electricity for 11 million people in the western region and parts of the central plain.
The Yadana project serves 11% of Thailand’s natural gas demand.
PTTEP’s decision to become the operator of the Yadana project will take effect on July 20.
Total Energies has a 31.2% shareholding. Under the Production Operating Agreement for the project, the stake of Total Energies will be distributed free of charge to other co-investors in the project according to their shareholding proportions.
Consequently, PTTEP International Co.’s shareholding will rise to 37.1% from 25.6%. Chevron’s Unocal Myanmar Offshore Co will become the major shareholder with a 41.1% stake, up from 28.3%.
Myanmar Oil and Gas Enterprise will have a 21.8% shareholding, up from 15% after Total Energies stops its roles as a co-investor and the operator.