French oil and gas company TotalEnergies said on Wednesday that its planned withdrawal from Myanmar, announced six months ago, has now come into effect.
"TotalEnergies has definitively pulled out of Myanmar", according to an official statement. "In line with the six-month timetable laid down in the agreements, the withdrawal is effective from Wednesday."
The French multinational and its US partner Chevron announced in January that they would pull out of the Yadana gas field, with TotalEnergies citing the "worsening" situation for human rights and the rule of law.
"In light of the exceptional situation, TotalEnergies has chosen to withdraw from Myanmar without seeking any financial compensation for its assets," the company had said at the time.
The field in the Andaman Sea serves Myanmar and neighbouring Thailand.
TotalEnergies had been under pressure from human rights groups to cut its financial links to the junta since the army seized power from a civilian government in February 2021.
Human rights concerns
Human Rights Watch says natural gas projects are Myanmar's single largest source of foreign currency revenue, generating more than $1 billion every year.
TotalEnergies had said its withdrawal from Yadana and a related pipeline project would take effect on 20 July.
The company's 31.4 percent stake in the Yadana gas field was the biggest in a consortium that included Chevron, a Thai public enterprise and the army-controlled Myanmar Oil and Gas Enterprises..
The French company's stake is to be taken over by the Thai operator and Chevron.
Chevron has confirmed its own plan to leave Myanmar, though it has not yet fixed a departure date
