Australia's Woodside Petroleum pulls out of Myanmar projects

BANGKOK (AP) — Australia’s Woodside Petroleum is withdrawing from projects in strife-torn Myanmar, following a similar decision last week by Total and Chevron.

Woodside put all its Myanmar activities under review after the military seized power a year ago, deposing the elected government of Aung San Suu Kyi and triggering mass public protests that security forces have countered by escalating violence.

Woodside said Thursday it has already relinquished some of its exploration permits in Myanmar and is preparing to end other operations there.

Continuing work in Myanmar was “no longer a viable option,” Woodside CEO Meg O’Neill said in a statement.

France's Total and Chevron said Friday they were exiting Myanmar, citing rampant human rights abuses and deteriorating rule of law since the military takeover.

The two companies had come under increasing pressure over their roles in running an offshore gas field, along with state-owned Myanma Oil and Gas Enterprise (MOGE) and Thailand’s PTT Exploration & Production.

Total has a majority stake in the venture and runs its daily operations, while MOGE collects revenues on behalf of the government. Human rights groups have cautioned that the divestment of foreign companies will not necessarily cut off funding to the military administration without further action since MOGE remains a key part of such operations and Thailand's government has not backed sanctions against the military.

About 50% of Myanmar’s foreign currency comes from natural gas revenues, with MOGE expected to earn $1.5 billion from offshore and pipeline projects in 2021-2022, according to a Myanmar government forecast. Prior rounds of U.S. and European sanctions against the Myanmar military have excluded oil and gas.

PTT Exploration & Production, the Thai...