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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