REG-TotalEnergies SE TotalEnergies Implements Its Responsible Withdrawal From Myanmar

TotalEnergies SEAnnouncement

16/03/2022 07:30

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TotalEnergies Implements Its Responsible Withdrawal From Myanmar

 

On January 21, 2022, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announced
its decision to withdraw from the Yadana field and from gas transportation
company MGTC in Myanmar, both as operator and as shareholder, because the
situation in this country no longer allowed TotalEnergies to make a
sufficiently positive contribution. Since then, TotalEnergies has initiated a
due diligence process to ensure a responsible withdrawal for its stakeholders
in Myanmar, particularly its employees and the local communities that have
been supported by TotalEnergies for many years through its role as an operator
in the MGTC gas pipeline area.

On March 14, 2022, PTTEP International, a subsidiary of the Thai national
energy company PTT, confirmed its willingness to take over as operator of
Yadana and MGTC and, in line with this decision, to increase its direct stake
in Yadana by taking over TotalEnergies’ equity share. Chevron has also
decided to take over TotalEnergies’ equity share, thereby increasing its
stake in Myanmar. As a reminder, in light of the exceptional situation,
TotalEnergies has chosen to withdraw from Myanmar without seeking any
financial compensation for its assets.

In addition, PTTEP has expressed its willingness to take on all staff
currently employed by the TotalEnergies affiliate in Myanmar. TotalEnergies is
working closely with PTTEP to ensure that the transition occurs in a fair and
orderly manner. With respect to our employees who have been ensuring the
safety and efficiency of operations in Myanmar since January 21, TotalEnergies
will help all those who wish to transfer to the new operator and will ensure
that they continue to be employed under the same conditions.

At the same time, TotalEnergies will work with PTTEP to ensure that the
existing socio-economic development program led by TotalEnergies to support
local communities living near the MGTC pipeline will continue after its
withdrawal. To this end, TotalEnergies will allocate the resources necessary
to a dedicated fund in order to contribute financially to the actions to be
carried out by the future operator.

TotalEnergies' withdrawal from Yadana and MGTC will be effective at the latest
at the expiry of the 6-month contractual period, i.e. July 20, 2022, giving
the Company and PTTEP enough time to ensure the safe and orderly transfer of
the operatorship while ensuring a fair transition for our key stakeholders,
our employees and local communities where we operate.

***

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our 105,000 employees are committed to energy that is ever more
affordable, cleaner, more reliable and accessible to as many people as
possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

TotalEnergies Contacts 

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