Australia's Woodside Petroleum to exit Myanmar on human rights concerns

Woodside Petroleum Ltd said on Thursday it will exit its Myanmar operations citing deteriorating human rights situation, nearly a year after a coup plunged the Southeast Asian nation into turmoil.
 

The Australian gas producer will now begin formal procedure to exit the exploration assets it holds with state-owned Myanma Oil and Gas Enterprise and other entities including China National Petroleum Corp and Total, among others.
 

Woodside said a non-cash expense associated with the withdrawal would hurt its fiscal 2021 net profit after tax by about $138 million, in addition to the $71 million exploration expense for one of the oil