Thailand-based PTT Exploration and Production (PTTEP) and Malaysia-based Petroliam Nasional Bhd (Petronas) have announced plans to divest their stake in the Yetagun gas project in Myanmar. Petronas Carigali Sdn Bhd (PCSB), a wholly-owned subsidiary of Petronas, owns around 41 per cent stake in the gas project while PTTEP owns a 19.31 per cent share.

Following regulatory clearance, PTTEP’s shareholding will be reassigned equally to the other owners with no commercial value. The remaining interests in the project are held by Japan-based Nippon Oil and Gas Exploration and Myanmar-based Myanma Oil and Gas Enterprise.

The Yetagun gas field spans around 24,130 sq km and is located in the Gulf of Moattama in Myanmar.