Australian natural gas producer Woodside Petroleum announced Thursday that it has terminated its operations in Myanmar due to protracted political instability
MOSCOW (Pakistan Point News / Sputnik - 27th January, 2022) Australian natural gas producer Woodside Petroleum announced Thursday that it has terminated its operations in Myanmar due to protracted political instability.
In March 2021, Woodside said that it would review business prospects in Myanmar following the military coup and state of emergency introduced the month prior, expressing�concerns over a deteriorating human rights situation.
"Given the ongoing situation in Myanmar we can no longer contemplate Woodside's participation in the development of the A-6 gas resources, nor other future activities in-country," CEO Meg O'Neill said in the statement.
Woodside is currently proceeding with formalities to break the A-6 production sharing agreement with state-run Myanmar Oil and Gas Company, where Woodside owns a 40% interest, as well as ending other initiatives.
The company estimates losses stemming from the withdrawal from Myanmar at approximately $138 million.
Woodside Petroleum, Australia's largest natural gas producer, has been operating in Myanmar since 2013. Its decision to withdraw follows a similar step by French oil and gas company TotalEnergies, which announced the halting of its projects in the country on Friday.
The Myanmar military seized power on February 1 of last year, using a constitutional mechanism of transferring power in an emergency situation. The military arrested government officials, accusing them of rigging the general election and withholding an investigation, and later appointed a new administration.
The military's actions spurred major civil protests that lasted for four months and led to over 1,300 casualties. As of late December, about 10,000 people across Myanmar have been displaced by violent clashes, according to humanitarian organizations. In August 2021, the nationwide state of emergency was extended until August 2023.
