myanmar myanmar

In light of circumstances in Myanmar, in January 2022 we announced that we would be exiting the country. We will be working to ensure our exit is conducted in a planned and orderly manner. Our immediate priority remains the safety and well-being of employees, safe operations and the supply of much-needed energy for the people of Myanmar and Thailand. Throughout this process we will continue to meet our commitments and support the humanitarian needs of local communities.

We share the desire for lasting solutions in Myanmar. As we transition our role in Myanmar, we will continue to engage constructively with governments, responsible business, and civil society.

highlightsofoperations

highlights of operations

Chevron’s affiliate in Myanmar, Unocal Myanmar Offshore Co. Ltd. (UMOCL) has worked with partners in Myanmar for more than 25 years to spur economic growth and development.

UMOCL’s ownership interest in Myanmar’s Yadana natural gas project is helping to support energy security in Southeast Asia.

businessoverview

business overview

Chevron’s affiliate in Myanmar, Unocal Myanmar Offshore Co. Ltd. (UMOCL), has a 28.3 percent ownership interest in a production sharing contract (PSC) for the production of natural gas from the Yadana, Badamyar and Sein fields, within Blocks M5 and M6, in the Andaman Sea. TotalEnergies EP Myanmar (TEEPM), an affiliate of TotalEnergies SE,, is the operator of the Yadana gas project, which provides critical energy to communities in Myanmar and neighboring Thailand. Another Chevron affiliate also holds a 28.3 percent ownership interest in the gas pipeline company, known as Moattama Gas Transportation Company (MGTC). Other partners in the PSC and pipeline include PTT Exploration and Production PLC (PTTEP) and Myanma Oil and Gas Enterprise (MOGE).

The majority of natural gas from the Yadana offshore facilities is transported through the MGTC pipeline that goes to the Myanmar-Thailand border for delivery to power plants in the West of Thailand, while the remaining volumes are dedicated to the Myanmar market. The imported gas from Myanmar - of which Yadana is the main supply - accounts for around 14% of Thailand’s gas demand.

disclosure;forward-lookingstatements

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Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this website could also have material adverse effects on forward-looking statements.

For the latest figures, view the 2021 Supplement to the Annual Report.