Woodside Petroleum will cease operating in Myanmar, citing deteriorating human rights in the country.
The Australian gas producer is the third fossil fuel giant to withdraw from the country over the past week, following similar announcements from Chevron Corp and Total Energy.
It will now begin the formal procedure to exit exploration assets it holds with state-owned Myanma Oil and Gas Enterprise and other entities including China National Petroleum Corp and Total.
The company also warned of a $138m impact to its fiscal 2021 net profit after tax from the withdrawal.
A military coup plunged the Southeast Asian nation into turmoil nearly a year ago, with Myanmar plunged into civil unrest after the army overthrew the elected government in February 2021 and detained its leader Aung San Suu Kyi.
The junta has been accused of using brutal force to put down escalating protests.
Woodside chief executive officer Meg O’Neill said: “Given the situation in Myanmar we can no longer contemplate Woodside’s participation in the development of the A-6 gas resources, nor other future activities in-country,”
The decision will not come as a surprise to analysts and investors, Woodside warned last February it would trim its presence in Myanmar following the coup.
The US also issued a business advisory for Myanmar on Wednesday, warning of heightened risks of operating in the country.