Australian Woodside has announced his withdrawal from Myanmar as human rights abuses worsen under military rulers.
The latest joint venture would have been the first ultra-deepwater development in the Bay of Bengal off Myanmar.
“Given the current situation in Myanmar, we can no longer consider Woodside’s involvement in the development of the A-6 gas resources, or any other future activities in the country,” Woodside Chief Executive Meg O said Thursday. ‘Neill, in an ASX announcement.
A year after the coup, Total and Chevron also announced their exit on human rights grounds.
Woodside had placed all Myanmar business decisions under review following the state of emergency declared in February 2021.
Woodside has been operating in Myanmar since 2013, conducting multiple exploration and drilling campaigns.
Ms O’Neill said that while Woodside had hoped to develop the gas resources and provide much-needed energy to the people of Myanmar, there was no longer a viable option for Woodside to continue in business.
Human Rights Watch has called for more action by governments to ensure that gas revenues do not fund more atrocities, and for a global arms embargo by the United Nations.
“Woodside has been a responsible foreign investor in Myanmar since 2013, with our conduct guided by the UN Guiding Principles on Business and Human Rights and other relevant international standards,” Ms. O’Neill said.
Woodside said he would now begin arrangements to officially come out, including breaking the production sharing contract with a government company.
Non-cash expenses associated with the decision to withdraw from Blocks A-6 and AD-1 are expected to impact 2021 net profit after tax by approximately $138 million (A$195 million), the company said. company.
This is in addition to exploration and appraisal expenditures of $71 million for Block AD-7 disclosed in Woodside’s fourth quarter report last week.
These costs will be excluded for the calculation of the next dividend.
Australian Associated Press