Malaysia's Petronas Subsidiaries Withdraw From Yetagun Field Offshore Myanmar

KUALA LUMPUR, April 29 (Bernama) -- Petronas’ subsidiaries, Petronas Carigali Myanmar Inc (PCMI) and PC Myanmar (Hong Kong) Ltd (PCML) have announced their withdrawal from Blocks M12, M13 and M14 located in the Yetagun field, offshore Myanmar. In a statement Friday, the Malaysian national oil and gas company said the decision was made following a thorough techno-commercial review in line with Petronas’ asset rationalisation strategy for a portfolio that fits with its growth ambitions amid the changing industry environment and accelerated energy transition. “PCML had operated the Yetagun Gas Project since 2003, where it held 40.9 per cent participating interest. “Other partners included Myanma Oil & Gas Enterprise (20.5 per cent), Nippon Oil Exploration (Myanmar) Ltd (19.3 per cent) and PTTEP International Ltd (19.3 per cent),” it added. -- BERNAMA