News Forum - Chevron abandons operations in Myanmar’s Yadana gas field

[Thaiger]

In an unprecedented move, Chevron, the US energy giant, has abandoned its operations in the Yadana natural gas field in Myanmar, as confirmed by a company representative. This decision comes over two years after the corporation expressed concern about the violence and human rights violations in the military-controlled nation and declared its intention to withdraw. … …

The story Chevron abandons operations in Myanmar’s Yadana gas field as seen on Thaiger News.

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[Ramanathan.P]

Ha..ha..ha.....Chevron, the US Energy giant has abandoned it s operation is in Yadana natural gas field in Myanamar citing human rights violations as the reason? Bullshit...the real reason is that the gas reserve has depelted and there isn't much to make money. American company will not stay if they cannot make hefty profit from their investments. It applies to all business across. Will these so called American companies leave some of their investements in the Aftican continent where there are also human rights violations? Never in history untill they can rip off all the benefits for themselves.....

[BJoe]

Totally Agree with RamanathanP regarding Chevron’s reason for abandoning the project. Chevron couldn’t care a rat’s bottom about human rights violations. Money, Money, Money is all they care about.  The instability of the illegal junta government that they’ve been paying to operate, also plays a part of their decision. 

[Vigo]

On 4/10/2024 at 11:19 PM, Ramanathan.P said:

Ha..ha..ha.....Chevron, the US Energy giant has abandoned it s operation is in Yadana natural gas field in Myanamar citing human rights violations as the reason? Bullshit...the real reason is that the gas reserve has depelted and there isn't much to make money. American company will not stay if they cannot make hefty profit from their investments. It applies to all business across. Will these so called American companies leave some of their investements in the Aftican continent where there are also human rights violations? Never in history untill they can rip off all the benefits for themselves.....

Wrong. The announcement was made 2 years ago. French Total withdrew as well.  The gas reserve is not depleted.  Chevron is subject to US and EU laws in respect to ethical conduct. Those laws as well as shareholder ethical provisions are behind the decision to withdraw from Myanmar. There are multiple exemptions provided for certain industries and investors, but they are subject to conditions, and the conditions could not be satisfied.   There is still  plenty of gas in the field. It is no secret that gas field production will continue until the field reaches its economic limit in 2039. That is 15 years from now. The field currently accounts for approximately 38% of Myanmar's daily output, so there is  money to be made. That is why Thailand's PTT energy giant has increased its holding to 68% of the gas field. 

You are an extremely bigoted individual and your dislike of a nominally American multinational appears solely because of its American affiliation.