Oil & Gas
By Anthony Isibor
TotalEnergies, through its affiliate TotalEnergies E&P USA, Inc., has announced its decision to withdraw from the North Platte deepwater project in the US Gulf of Mexico.
This implies that the oil giant will no longer back the imposition of sanctions on its payments to Myanmar’s junta from gas operations in the country.
According to the press statement by TotalEnergies, “The decision not to continue with the project was taken as the company has better opportunities of allocation of its capital within its global portfolio.”
TotalEnergies who held a 60% operated interest in North Platte, alongside its joint-interest owner Equinor (40%) has duly notified its partner and the relevant authorities of its immediate withdrawal from the project, and of its resignation as operator which will be effective following a short transition period to ensure an orderly hand-over of operatorship.
Realnews recalls that TotalEnergies had in January told a rights group that it backs the imposition of sanctions on its payments to Myanmar’s junta from gas operations in the country and that it has asked the French government to put in place a legal framework for sanctions.
In January, Patrick Pouyanne, TotalEnergies TTEF.PA Chief Executive noted through a letter written to Human Rights Watch and dated January 18, that talks had taken place with French and U.S. authorities on targeted sanctions.
According to the letter published by the rights group, “TotalEnergies will not only comply with any sanction decision from the European or American authorities but also supports the implementation of such targeted sanctions.”
The French energy giant’s gas venture is one of the top sources of income for the junta and, along with other global companies, it has faced pressure from rights groups and a shadow civilian government to curb payments since the army seized power.
– Feb. 10, 2022 @ 12:50 GMT |
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