"Chevron exit from Myanmar's biggest gas project sparks sanctions call on state-owned MOGE", 8 Feb 2023

US supermajor Chevron has agreed to sell its significant stake in the producing Yadana gas field offshore Myanmar to Canada’s MTI Energy, prompting Justice for Myanmar to call for Canadian and UK sanctions on state-owned Myanma Oil & Gas Enterprise (MOGE).

‍Chevon confirmed to Upstream it has agreed to sell its 41.1% stake in the Yadana gas project to Et Martem Holdings, a subsidiary of MTI Energy...

Yadana was formerly operated by TotalEnergies until the French supermajor pulled out last year, leaving its equity to be absorbed pro rata by the remaining co-venturers — Chevron, PTTEP of Thailand and MOGE — and PTTEP subsequently took over operatorship.

TotalEnergies’ withdrawal in July 2022 — the company elected not to seek payment for its stake — saw Chevron’s equity temporarily increase from 28.26% to 41.1%, making it the largest of the three remaining partners...

“We condemn MTI Energy’s total disregard for the lives and democratic will of the people of Myanmar, and its blatant breach of the company’s obligations under the OECD Guidelines for Multinational Enterprises and UN Guiding Principles on Business and Human Rights.”

Justice for Myanmar last week again urged the Canadian and UK governments to immediately sanction MOGE and prevent companies in their territories from financing the junta.