Myanmar Earns $800M from April-July Gas Exports

Reuters
Thursday, August 25, 2022

Military-ruled Myanmar earned $800 million from natural gas exports mainly to China and Thailand, between April and July, the junta said in the state newspaper on Thursday.

The country has been embroiled in chaos since the military overthrew an elected government in a coup early last year and the economy has all but collapsed.

The junta has scrambled to shore up foreign exchange reserves as the Myanmar kyat slumps in value and inflation rises, ordering companies to convert their foreign currency into local and defer foreign loan payments. Read full story

The junta-run Commerce Ministry said 77.89 million kilolitres of natural gas were exported through gas pipelines in four months, mainly from four offshore projects - the Yadana, Yedagun, Shwe, and Zawtika production rigs.

Income from gas exports was $60.7 million higher than the same period last year, the ministry said.

The majority of exports went to Thailand and China, the state newspaper Global New Light of Myanmar reported.

Thailand's PTT Exploration and Production Pcl PTTEP.BK produces and exports natural gas from the Yadana, Yetagun, and Zawtika fields. Myanmar accounts for about 14% of Thailand's natural gas needs.

Oil majors Chevron Corp and TotalEnergies in January withdrew from Myanmar, citing worsening humanitarian conditions following last year's coup. In May, Thailand's PTTEP said it would take over operations of the Yadana field after TotalEnergies' exit.

(Reporting by Reuters staff; Additional reporting by Chayut Setboonsarng in Bangkok; Editing by Kanupriya Kapoor and Richard Pullin)

Categories: Energy Industry News Activity Production Asia

Related Stories

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

CNOOC Starts Production at Two New Oil and Gas Projects

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com