Decision by Woodside to pull out of Myanmar sends a strong signal for other Australian resource companies
IMMEDIATE RELEASE
Contact Clancy Moore, 0410 508 051, clancy.moore@actionaid.org
Today’s announcement by Woodside Energy to relinquish its remaining nine offshore gas licenses in Myanmar sends a strong signal to other Australian mining, oil and gas companies to completely divest from the country, says anti-corruption NGO Publish What You Pay Australia.
The move comes off the back of the recent decision by Total Energies and Chevron to divest from its two major gas projects after six months and Shell giving up its exploration licenses.
Offshore gas revenues provide around 50% of the military’s foreign currency and result in around USD $1.5billion in revenue annually to the regime.
The other remaining Australian backed, housed or listed resources companies with licenses or exploration interests in Myanmar include Pan Aust, Tap Oil, Roc Oil, Access Asia Mining and Locrian Precious Metals.
Clancy Moore, national director of Publish What You Pay Australia made the following statements:
“We welcome the decision by Woodside to completely pull out of Myanmar and respect human rights. This move comes after sustained advocacy by civil society, the people of Myanmar and investors.”
“This decision sends a signal to other all remaining ASX and Australian mining, oil and gas companies such as PanAust, Roc Oil, Tap Oil and Access Asia mining to give up all exploration licenses and rule out financing the Myanmar military’s regime of terror.”
“Myanmar’s natural resource wealth should benefit its 54 million women, men and children and not the military regime. Australian and international resource companies must ensure that no revenue payments flow to the military which is now highly reliant on foreign currency to buy weapons and military hardware.”
Notes:
Woodside’s announcement is here.
PWYP Australia’s March 2021 report on Woodside Energy is here.
PWYP Australia list of Australian resource companies in Myanmar is here.
Note: ASX listed Myanmar Metals recently sold its stake in its Myanmar project and changed its name.