Reuters: Chevron Seeks Buyers for Myanmar Gas Assets Worth $1.3 Billion

U.S. oil and gas major Chevron Corp has put its Myanmar gas block stakes worth an estimated $1.3 billion up for sale, banking sources familiar with the matter said, in what would mark the biggest M&A transaction involving the country's assets.

The sale is part of Chevron's efforts to preserve cash and retreat from non-core assets in the wake of sliding oil prices. It is also seen as setting the tone for deals in a country that investors hope will see continued reforms after a historic election win by Aung San Suu Kyi's National League for Democracy last year.

The sources said suitors could number about half a dozen and would likely include Australia's Woodside Petroleum, Thailand's PTT Exploration and Production, Japanese trading houses and Chinese companies.

"Companies understand that Myanmar is in a very good position as you have export markets like China and Thailand and a growing domestic market," said Adrian Pooh, a Singapore-based analyst at energy consultancy Wood Mackenzie. MORE

U.S. oil and gas major Chevron Corp has put its Myanmar gas block stakes worth an estimated $1.3 billion up for sale, banking sources familiar with the matter said, in what would mark the biggest M&A transaction involving the country's assets.

The sale is part of Chevron's efforts to preserve cash and retreat from non-core assets in the wake of sliding oil prices. It is also seen as setting the tone for deals in a country that investors hope will see continued reforms after a historic election win by Aung San Suu Kyi's National League for Democracy last year.

The sources said suitors could number about half a dozen and would likely include Australia's Woodside Petroleum, Thailand's PTT Exploration and Production, Japanese trading houses and Chinese companies.

"Companies understand that Myanmar is in a very good position as you have export markets like China and Thailand and a growing domestic market," said Adrian Pooh, a Singapore-based analyst at energy consultancy Wood Mackenzie.