27 January 2022

Thailand's state oil and gas explorer looks set to take over Myanmar's biggest gas field, as TotalEnergies and Chevron Corp exit in the wake of last year's military coup in the South-east Asian state, analysts say.

A move by PTT Exploration and Production (PTTEP) to become operator of Yadana field, in which it already has a 25.5 per cent stake, would keep vital gas supplies flowing to Thailand and Myanmar, and could contribute revenues for Myanmar's ruling junta amid tighter US and other sanctions.

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PTTEP would have an 85 per cent stake in Yadana if it took all the shares held by TotalEnergies and Chevron.

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PTTEP said on Friday it was "carefully considering" its next steps regarding Yadana and how to maintain energy supplies for Thailand and Myanmar. PTTEP declined to comment further [...].