Chevron has reportedly put over $1 billion worth of gas assets in Myanmar up for sale.
Banking sources familiar with the matter told Reuters that Chevron has put stakes in Myanmar gas blocks worth an estimated $1.3 billion up for sale.
The sources said about half a dozen companies are expected to express interest in the assets.
Chevron declined to comment on the matter.
Further details about the assets being sold have not been disclosed yet.
According to Chevron’s website, the company holds a 28.3 percent nonoperated working interest in a Production Sharing Contract (PSC) for the production of natural gas from the Yadana and Sein fields, located in Blocks M5 and M6, in the Andaman Sea.
Yadana produced an average of 99 million cubic feet of natural gas per day in 2014, Chevron said.
The company also has a 28.3 percent ownership interest in a pipeline company that transports natural gas from the Yadana offshore facilities to the Myanmar-Thailand border for final delivery to power plants in Thailand.
Other partners in the gas field and pipeline include France’s Total, that serves as the operator, Thailand’s state-run PTTEP and the government-owned Myanma Oil and Gas Enterprise (MOGE).
In 2015, Chevron’s subsidiary, Unocal Myanmar Offshore Co., entered into a PSC with MOGE to explore for oil and gas in Block A5 in the offshore Rakhine Basin.
Chevron produced an average of 117 million cubic feet of natural gas per day in Myanmar last year, Reuters said.