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Statoil pulls out of Myanmar

Statoil has given up on finding oil and gas in Myanmar and is therefore abandoning its license off the coast of the country. The Norwegian oil major stresses that the political unrest in the country was not a factor in the decision.

Photo: Harald Pettersen/Statoil

Norwegian oil company Statoil is withdrawing from Myanmar as it has given up on finding worthwhile discoveries of oil and gas, Statoil tells Norwegian media Dagens Næringsliv.

"We made a decision to exit the license we have in Myanmar, AD 10 as it is called, after we have undergone a period of studies. Based on the data we have, we think there is little likelihood that we'll make a commercial discovery there," says Statoil spokesperson Erik Haaland, noting a high corporate tax rate as another factor in the decision.

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