TotalEnergies implements its withdrawal from Myanmar

PTTEP International, a subsidiary of the Thai national energy company PTT, confirmed its willingness to take over as operator of Yadana and MGTC as well as increase its direct stake in Yadana by taking over TotalEnergies’ equity share. Chevron has also decided to take over TotalEnergies’ equity share, thereby increasing its stake in Myanmar. As a reminder, in light of the exceptional situation, TotalEnergies has chosen to withdraw from Myanmar without seeking any financial compensation for its assets. 

In addition, PTTEP has expressed its willingness to take on all staff currently employed by the TotalEnergies affiliate in Myanmar. TotalEnergies is working closely with PTTEP to ensure that the transition occurs in a fair and orderly manner. With respect to our employees who have been ensuring the safety and efficiency of operations in Myanmar since January 21, TotalEnergies will help all those who wish to transfer to the new operator and will ensure that they continue to be employed under the same conditions. 

At the same time, TotalEnergies will work with PTTEP to ensure that the existing socio-economic development program led by TotalEnergies to support local communities living near the MGTC pipeline will continue after its withdrawal. To this end, TotalEnergies will allocate the resources necessary to a dedicated fund in order to contribute financially to the actions to be carried out by the future operator. 

TotalEnergies' withdrawal from Yadana and MGTC will be effective at the latest at the expiry of the 6-month contractual period, i.e. July 20, 2022, giving the Company and PTTEP enough time to ensure the safe and orderly transfer of the operatorship while ensuring a fair transition for our key stakeholders, our employees and local communities where we operate. 

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