PTTEP Announces the Withdrawal from Yetagun Project, Myanmar

PTT Exploration and Production Public Company Limited (SET: PTTEP) announced on Friday via the Stock Exchange of Thailand that its subsidiaries PTTEP International Limited (PTTEPI) and  PTTEP Offshore Investment Company Limited (PTTEPO) have notified their decisions to withdraw from Yetagun Project and gas transportation company, Taninthayi Pipeline Company LLC (TPC), to all partners of Yetagun Project, and will be effective upon receiving official regulatory approval from Myanmar government.

Yetagun Project is a natural gas and condensate producing project located offshore in the Gulf of Moattama, Myanmar. In 2021, the Project’s total sales volume averaged 17MMSCFD for natural gas and approximately 560 BPD for condensates, where PTTEPI holds 19.31% participating interest, equivalent to the average sales volume of PTTEP at approximately 400 BOED or less than 1% of total sales volume. The withdrawal enables PTTEP to refocus its investment in projects that support the country’s energy security.