Withdrawal from the E&P Business in the Republic of the Union of Myanmar

Source Press Release
Company ENEOS Holdings, Inc. 
Tags Asset Deals, Deals, Field/Block Abandonments & Relinquishments, Upstream Activities
Date May 02, 2022

ENEOS Holdings, Inc. (”ENEOS Holdings”) announces that its consolidated subsidiary  Nippon Oil Exploration (Myanmar), Limited (“JXM”, President: Nakajima Takanobu), 40% of the shares of which are owned by JX  Nippon Oil & Gas Exploration Corporation ("JX", President & CEO: Nakahara Toshiya), informed  Petronas Carigali (the project operator) and other joint venture partners of its intention to withdraw from the joint operating agreement and commenced the withdrawal process on April 29, 2022. This withdrawal will be effective after approval from the Myanmar government.

JX has decided to withdraw after discussions taking into consideration the country’s current situation, including the social issues, and project economics based on the technical evaluation of Yetagun gas fields.

The impact of this transaction on our consolidated financial results will be determined after obtaining approval from the Myanmar government, but is currently expected to be minimal. ENEOS Holdings plans to announce the forecast of the consolidated financial results ending March 31, 2023 on May 13, 2022.

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