Malaysia’s national oil company Petronas is joining the ranks of other industry heavyweights such as Chevron and TotalEnergies and pulling out of E&P operations in Myanmar, where the security situation has deteriorated since a February 2021, when a military junta seized power.

Petronas has elected to sell its operated stake in the producing Yetagun gas condensate project offshore Myanmar to an unnamed buyer.

Confirming the move, Petronas told Upstream: “As a business entity, Petronas regularly and proactively reviews its entire portfolio to ensure that it remains resilient.