Chevron said in January 2022 it would exit Myanmar and in February 2023 said it had agreed to sell its assets there, including a 41.1 per cent stake in Myanmar's Yadana gas field, to Canada's MTI Energy for an undisclosed price.
The Biden administration on Tuesday imposed sanctions on certain financial services by Americans to Myanmar's state oil company, MOGE, starting on Dec. 15, in the first direct action on the enterprise aimed at weakening the military junta that controls it.Myanmar has been in crisis since the army overthrew the elected government in 2021. A crackdown on dissidents has since given rise to a nationwide resistance movement backed by several ethnic minority armies.
French oil and gas group TotalEnergies left the Yadana gas project in 2022, which increased Chevron's stake from 28 per cent to 41.1 per cent. The other stakeholders are the operator PTTEP, a unit of Thai national energy company PTT, and Myanmar's MOGE, controlled by the junta.