PETRONAS’ subsidiaries, PETRONAS Carigali Myanmar Inc (PCMI) and PC Myanmar (Hong Kong) Limited (PCML) announced their withdrawal from Blocks M12, M13 and M14 located in the Yetagun field, offshore Myanmar on 29 April 2022.
The decision was made following a thorough techno-commercial review in alignment 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 percent participating interest. Other partners included Myanma Oil & Gas Enterprise (20.5 percent), Nippon Oil Exploration (Myanmar) Limited (19.3 percent) and PTTEP International Limited (19.3 percent).
