(AOF) – On January 21, 2022, TotalEnergies announced its decision to withdraw from the Yadana field and the gas transmission company MGTC in Myanmar, both as operator and shareholder. On March 14, PTTEP International, a subsidiary of the Thai national energy company PTT, confirmed its desire to take over the role of operator from Yadana and MGTC. It will increase its direct stake in Yadana by its share of the interests of TotalEnergies.
Chevron has also chosen to take over its share of TotalEnergies’ interests and thus increase its stake in Myanmar. As a reminder, given the particular context, TotalEnergies has chosen that its withdrawal take place without TotalEnergies seeking any financial compensation for the withdrawal of these assets.
In addition, PTTEP has made known its desire to take over all the staff of the TotalEnergies subsidiary in Myanmar.
At the same time, TotalEnergies will work with PTTEP to ensure that the existing socio-economic development program conducted by TotalEnergies in the MGTC pipeline area for local communities continues after its withdrawal. To this end, the company will allocate the necessary amounts to a dedicated fund to contribute to the pursuit of these actions by the future operator.
The withdrawal of TotalEnergies from Yadana and MGTC will be effective no later than the end of the contractual notice period of 6 months, i.e. July 20, 2022.
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Achieve carbon neutrality
In 2021, oil companies will devote 4% of their expenditure to low-carbon energies, compared to only 1% in 2020. These investments nevertheless remain largely insufficient to fight against climate change, warns the International Energy Agency. They remain very unequal according to the actors. Total will invest 3 billion dollars in carbon-free energy and electricity generation this year, more than 20% of its expenditure. The group forecasts a proportion of at least 15% on average by 2025. This share is much lower for the Americans Exxon and Chevron or for the national companies of the producing countries like the Saudi Aramco, the Russian Gazprom or the Brazilian Petrobras . As for Shell, the Dutch courts recently condemned it to reduce its emissions by 45% by 2030.