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ECONOMY > Energy

ENEOS to withdraw from gas exploration project in Myanmar

  • May 2, 2022
  • , NHK
  • JMH Summary

NHK reported at noon that JX Myanmar Oil Development, a Japanese consortium funded by the Japanese government, a subsidiary of ENEOS Holdings, and Mitsubishi Corp., has announced that it will withdraw from a gas exploration project in Myanmar (Burma). The network said JX Myanmar Oil Development holds a stake of over 19% in Myanmar’s Yetagun gas field, adding that the project has been criticized by human rights organizations and other groups for becoming a source of income for the Myanmar military since it took control of the nation after the coup in February 2021. The Japanese consortium reportedly decided it would also be difficult to continue the project due to the fact that production has recently dropped to less than one-tenth of the peak level and announced that it will begin the process of withdrawal on May 2.

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