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Australia's Woodside Petroleum to exit Myanmar on human rights concerns

The Australian gas producer will now begin formal procedure to exit the exploration assets it holds with state-owned Myanma Oil and Gas Enterprise and other entities

crude oil, petroleum
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Reuters
Woodside Petroleum Ltd said on Thursday it will exit its Myanmar operations citing deteriorating human rights situation, nearly a year after a coup plunged the Southeast Asian nation into turmoil.
 
The Australian gas producer will now begin formal procedure to exit the exploration assets it holds with state-owned Myanma Oil and Gas Enterprise and other entities including China National Petroleum Corp and Total, among others.
 
Woodside said a non-cash expense associated with the withdrawal would hurt its fiscal 2021 net profit after tax by about $138 million, in addition to the $71 million exploration expense for one of the oil

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 27 2022 | 8:42 AM IST

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