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TotalEnergies to withdraw from Myanmar

- Company bases its decision on deteriorating human rights situation since coup of February 2021

home > Oil, World, Europe, Asia 21.01.2022 14:34 Sibel Morrow

TotalEnergies to withdraw from Myanmar

French energy giant TotalEnergies announced its decision on Friday to end its business in Myanmar due to its deteriorating human rights situation, making it the latest multinational company to leave the country since the start of a coup last year.

The company said it would withdraw from the country both as an operator and shareholder, without any financial compensation for TotalEnergies.

The French energy company said, in line with its clear principles, it gradually halted all its ongoing projects, except for gas production from the Yadana field, which is essential for supplying electricity to the local Burmese and Thai population to protect its employees from the risk of criminal prosecution or forced labor.

The company said it has also been unable to meet the expectations of many stakeholders who are calling on it to stop revenues from going to the Burmese state through the state-owned company MOGE from the Yadana field production.

“In fact, this is materially impossible for TotalEnergies, as most of the payments for the sale of the gas are made directly by the (state-owned) Thai company PTT, the buyer of the exported gas,” it said.

It further explained that the company has exhausted other options, including asking the French authorities to consider putting in place targeted sanctions that would confine all the financial flows of the various partners to escrow accounts without shutting down gas production. However, the company said it has not identified any means of doing so.

The situation, in terms of human rights and more generally the rule of law, has worsened in Myanmar since the coup of February 2021 and led the company to reassess the situation, “which no longer allows TotalEnergies to make a sufficiently positive contribution in the country,” TotalEnergies said.

The withdrawal will be effective at the latest at the expiry of the six-month contractual period.

The Myanmar military, known locally as the Tatmadaw, launched a military coup in February last year and jailed prominent leaders of the ruling party.

According to the Myanmar-based Assistance Association for Political Prisoners, some 1,447 people were killed and nearly 8,500 demonstrators have been arrested in the military’s brutal crackdown on mass protests and rebellion against their rule.

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr


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Oil drops as China fuel demand falls on looming COVID-19 lockdown concerns

- Possibility of rapid COVID-19 spread in Beijing could require a Shanghai-like closure
29.04.2022 Oil , Asia

US crude oil inventories up 0.2% for week ending April 22

- Commercial crude oil stocks increase by 700,000 barrels, against market expectation of 2.16 million-barrel rise
28.04.2022 Oil , Americas

'UK has imported over $275M of Russian oil during Ukraine war'

- Almost 2M barrels of Russian oil brought to UK since Feb. 24, according to global campaigning group Greenpeace
27.04.2022 Oil , World , Europe

ExxonMobil announces three discoveries offshore Guyana

- New findings will help supply affordable energy for increasing global demand, company says
27.04.2022 Oil , World

Oil up over escalating supply woes as Russia halts gas to Poland, Bulgaria

- US crude oil inventories are expected to rise by over 4.78 million barrels, limiting further price increases
27.04.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil up despite low China demand over COVID-19 lockdowns

-Russia-Ukraine war, however, continues to put upward pressure on prices, raising supply fears
27.04.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil down over continuing COVID-19 lockdown, potential US interest rate hike

- Prolonged COVID-19 closure measures in Shanghai interrupt logistics management and supply chains
26.04.2022 Oil , World

US oil rig count up by 1 for week ending April 22

- Number of US oil rigs rise by 206 compared to one year ago
26.04.2022 Oil , Americas

Oil prices drop almost $7 with weaker global growth in w/e April 22

- Brent crude trades at $106.57 per barrel at 1005 GMT on Friday, marking $7 drop from Monday's closing of $113.16
22.04.2022 Oil , Americas , Middle East-Africa

Norway's oil production in March is below forecast

- Norway's preliminary oil production in March is 5.9% lower than Norwegian Petroleum Directorate's forecast
22.04.2022 Natural Gas , Oil , Europe , General

Oil down from potential US interest rate hike, weak economic growth rates

- Higher US interest rate means higher US dollar rate and more expensive oil trade for buyers holding other currencies
25.04.2022 Oil , Asia , Americas

Russia's daily oil output likely to fall to 10M barrel threshold in April

- Russia's oil production on last day of April is set to show drop to 9.8 million barrels a day, down from March average of 11 million barrels
22.04.2022 Oil

President of Russian oil firm Lukoil resigns

- As of March 31, Alekperov holds 3.12% of voting shares in Lukoil
22.04.2022 Oil , Eurasia

India capitalizes on Russian oil imports previously destined for Europe

- Total Urals arrivals in northwest European and Baltic ports drop by around 460,000 barrels per day, around 620,000 in March and down to 370,000 in April
22.04.2022 Oil , Europe , Asia

Germany to phase out Russian oil imports by year-end

- Foreign Minister Baerbock slams Merkel’s pro-Russian energy policy, saying 'these were clear mistakes'
21.04.2022 Oil , Europe , Eurasia

Oil price up over sustained fears of tight supply from Russia, Libya

- Fall in US oil inventories by 8 million barrels last week supports upward price trajectory
21.04.2022 Oil , World

US crude oil inventories down 1.9% for week ending April 15

- Commercial crude oil stocks decrease by 8 million barrels, against market expectation of 2.5 million-barrel rise
21.04.2022 Oil , Americas

Oil price up over tight supply worries from Russia and Libya

- Projection of drop in US oil stocks also supports upward price movement
20.04.2022 Oil , World

Greece seized Russian-flagged oil tanker off Evia Island: Report

- Ship with 19-member crew on board anchored near port of Karystos due to bad weather conditions, local media reports
20.04.2022 Oil , International Relations , Europe , Eurasia

Hungary does not support sanctions against Russian oil, gas

- Russian gas shipments to Hungary arriving without disruptions, says Hungarian foreign minister
20.04.2022 Natural Gas , Oil , International Relations , Europe , Eurasia

Oil price dwindles on supply woes from Libyan cuts

- Concerns over tight market with lowering demand projections in China both contribute to marginal price drop
20.04.2022 Oil , World

Oil up over supply fears amid growing tensions in Ukraine

- EC Commission President von der Leyen calls on EU countries to quickly supply weapons to Ukraine and hints at possibility of sanctions on oil
19.04.2022 Oil , World

US oil rig count up by 2 for week ending April 15

- Number of US oil rigs rise by 204 compared to one year ago
18.04.2022 Oil

Oil prices rise more 7% over fears of EU ban on Russian oil in week ending April 15

- EU is considering gradual ban on Russian fossil fuels, according to international media
17.04.2022 Oil , Europe , Eurasia , General

Replacing Druzhba p/line flows poses difficulties for EU’s Russian oil phase-out plan

- As one of world's largest oil pipelines, Druzhba carries around 35% of total Russian crude for EU
16.04.2022 Oil , Eurasia

Int. Energy Agency cuts global gas demand outlook by 50B cubic meters due to war

- Natural gas consumption this year is expected to fall by close to 6% in Europe, latest report shows
16.04.2022 Oil , Finance , International Organization

Putin orders to redirect supplies of Russian energy resources from West to East

- Russian president instructs gov't to begin construction of infrastructure for deliveries of energy resources to markets of South and East
15.04.2022 Natural Gas , Oil , World , Eurasia

Commodity dependency puts all countries at risk

- Value of global commodity exports nearing $4.4 trillion
15.04.2022 Natural Gas , Oil , World

Oil down over massive build in US crude stocks, demand fears in China

- Inventories with rise of 9.4 million barrels last week encourages investors to capitalize on high price gains
14.04.2022 Oil , World

US crude oil inventories up 2.3% for week ending April 8

- Commercial crude oil stocks increase by 9.4 million barrels, more than market expectation of 1.4 million-barrel rise
14.04.2022 Oil , Americas

War-driven energy price hikes fueling US inflation

- US annual consumer inflation up 8.5% in March, highest since December 1981
14.04.2022 Natural Gas , Oil , World

Protesters seeking jobs shut oilfield in Iraq

- Oil constitutes 90% of Iraq revenues
14.04.2022 Oil , Middle East-Africa

Oil volatile with stalemate in Russia-Ukraine talks, rise in demand risks

- Conflict in Ukraine, OPEC+ output decisions, rate at which US oil and natural gas producers increase drilling are main drivers of price uncertainties in 2022
14.04.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Int. Energy Agency revises down oil demand forecast for 2022

- Surge in COVID-19 cases and severe new lockdowns in China leads to downward revision to global demand in 2Q22 and for year as a whole
14.04.2022 Oil , International Organization , World

US energy agency revises down oil price forecast for 2022

- International benchmark Brent crude now estimated to average $103.37 per barrel in 2022 and $92.57 per barrel in 2023
13.04.2022 Oil , World , Americas

Global oil output rises by 370,000 barrels per day in March

- OPEC crude oil output averages 28.56 million barrels per day in March, marking an rise of about 57,000 barrels per day month on month
13.04.2022 Oil , World

Oil up as China eases pandemic restrictions, OPEC warns of supply risks

- OPEC warns EU that sanctions on Russia could create severe oil supply shocks, the supply gap from which would be impossible to replace
13.04.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil slips over 4% on China COVID outbreak and plans for oil reserve releases

- Proposal of EU embargo on Russian oil and gas limits further declines
12.04.2022 Oil , World

Oil down with weakening demand in China and release of emergency reserves

- Investors await supply and demand data from OPEC on Tuesday and International Energy Agency on Wednesday
11.04.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Haftar denies closure of Libya’s oil fields

- Libyan activists say Haftar orders suspension of Libya’s oil exports
11.04.2022 Oil , World , Middle East-Africa

US oil rig count up by 13 for week ending April 8

- Number of US oil rigs rise by 209 compared to one year ago
10.04.2022 Oil , Americas

Oil posts $7 weekly loss with more countries ready to release emergency reserves

- Overall about 240 million barrels of emergency oil stocks are set for release on global markets over next six months
10.04.2022 Oil , World

Japan to release 15M barrels from state oil reserves amid shaky energy supplies

- Premier Kishida says Japan will take more 'resolute action in response to Russia's invasion and killings of civilians'
10.04.2022 Oil , World , Asia

Oil up as Russia-Ukraine crisis outweighs emergency oil releases

- Int. Energy Agency’s intervention to decrease prices by tapping emergency oil reserves will fail to change fundamentals in oil market, experts believe
08.04.2022 Oil , World

Int. Energy Agency confirms 2nd joint oil emergency stock release

- Move comes after decision to release 62.7 million barrels of oil from emergency stocks due to supply constraints from Russia-Ukraine conflict
10.04.2022 Oil , International Relations , International Organization , World

US Congress revokes Russia’s 'most favored nation' status; bans oil, gas

- 2 bills clear House floor after unanimously passing in Senate
08.04.2022 Oil , World , Eurasia , Americas

EU to discuss Russia oil embargo next week: Official

- Bloc’s latest sanctions package against Russia will not yet include ban on Russian oil export, says foreign policy chief
08.04.2022 Oil , World , Europe

Russia hits 4 large fuel depots in Ukraine: Foreign Ministry spokesman

- Igor Konashenkov says Russia also destroys number of Ukrainian military objects, equipment
07.04.2022 Oil , World , Europe
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