Oil firms in UK territories accused of aiding Myanmar junta with over US$1 billion in revenues

Oil companies operating out of British Overseas Territories have generated over US$1 billion in revenue for Myanmar’s military junta since its February 2021 coup attempt, according to allegations by advocacy group Justice For Myanmar.

These revenues stem primarily from joint ventures between the junta-controlled Myanma Oil and Gas Enterprise (MOGE) and Thailand’s PTTEP, facilitated by firms based in the Cayman Islands and Bermuda.

The operations appear to breach the UK’s Myanmar sanctions, extended to overseas territories, and have continued despite formal warnings to authorities over 18 months ago.

Justice For Myanmar, supported by Finance Uncovered, submitted legal complaints in April 2024 detailing how these ventures may be circumventing the Myanmar (Sanctions) Regulations 2021 and the Myanmar (Sanctions) (Overseas Territories) Order 2021.

Continued operations despite sanctions

MOGE is the junta’s largest source of foreign revenue, with funds helping purchase aviation fuel and arms used in what rights groups call widespread war crimes.

Despite being under UK sanctions since 2021 due to its control by the State Administration Council (SAC), MOGE remains entangled in business with offshore firms.

PTTEP Offshore Investment Company Limited (PTTEPO), a subsidiary of Thai energy firm PTTEP, holds major investments in two pipeline ventures.

The first, Andaman Transportation Limited (ATL), operates out of the Cayman Islands and transports gas from the Zawtika project (blocks M9 and M11) to Thailand. ATL is 80% owned by PTTEPO and 20% by MOGE, with MOGE holding two board positions.

The second joint venture, Moattama Gas Transportation Company Limited (MGTC), based in Bermuda, transports gas from the Yadana project (blocks M5 and M6). MGTC is 63% owned by PTTEPO, while MOGE retains 37%, and similarly holds two board seats.

Both companies continue to operate, despite UK sanctions, in jurisdictions known for corporate secrecy.

Role of Chevron and project legacy

Another key player was Unocal Myanmar Offshore Company Limited, a Bermuda-based subsidiary of Chevron Corporation.

Until its withdrawal in April 2024, Unocal was the largest shareholder in the Yadana gas project and in MGTC, increasing its stake to 41.1% following TotalEnergies’ exit in July 2022. The company remains registered in Bermuda despite its operational withdrawal.

Junta restructuring and sanction continuity

In July 2025, the SAC was dissolved and replaced with the State Security and Peace Commission (SSPC), ahead of planned junta-led elections.

The SSPC, however, remains under the control of UK-sanctioned individuals, including Min Aung Hlaing and Soe Win, ensuring that the UK’s sanctions regime still applies to MOGE and affiliated entities.

Thus, any business engagement with MOGE by companies in UK territories is a likely breach of the regulations.

Funding atrocity through energy revenues

Between 2021 and 2023, MGTC and ATL collectively exported over one quadrillion British thermal units of gas to Thailand. Analysis of PTTEP’s financial statements by Justice For Myanmar and Finance Uncovered estimates the pipeline revenues from these operations at US$1.078 billion, with MOGE’s minority stake yielding approximately US$239 million.

Moreover, Justice For Myanmar asserts the junta has likely received hundreds of millions more in taxes between 2021 and 2024, based on historical payment trends. Leaked financials show MGTC and ATL paid over US$570 million in taxes and dividends in 2018–2019, before the coup attempt.

Despite this, ATL and MGTC remain opaque due to the secrecy laws of their jurisdictions. They have not published public accounts, leaving civil society reliant on leaks and investigative reporting.

Calls for urgent enforcement

Justice For Myanmar’s Yadanar Maung condemned the lack of action from UK territories:

“It’s unacceptable that Myanmar junta-linked companies are operating in British Overseas Territories, nearly five years after the military’s illegal coup attempt.”

She added that authorities in Bermuda and the Cayman Islands must enforce UK sanctions, investigate these firms, and block further business activity benefiting the junta.

“These companies are bankrolling an illegal junta that is slaughtering children and bombing schools and hospitals with total impunity.”

The group maintains that continued inaction threatens lives and undermines the credibility of UK-imposed sanctions.