Investors have reacted calmly to Woodside Petroleum’s decision to reduce its presence in troubled Myanmar and to put future planning “under review”, reflecting the limited value attributed to its gas exploration activities there despite demand for gas to offset fields in decline.

Woodside, one of the largest holders of offshore acreage in Myanmar, said during the weekend it was reducing its presence in the country, amid increasing concern at events since the army seized power on February 1.