Canada’s Valeura Energy reaches first oil at Thailand project

Thailand

BANGKOK, August 16, 2024 – Canada’s Valeura Energy has reached first oil at its Nong Yao C project offshore Thailand, the company announced on Thursday.

Located in Licence G11/48 in the Gulf of Thailand, the Nong Yao C project is held 90% by Valeura and 10% by Palang Sophon.

The company said it had brought the initial three of seven planned Nong Yao C development wells on line, with additional wells to be brought on line successively.

Following the ramp-up over the coming weeks, Valeura plans to sustain overall Nong Yao production rates at around 11,000 bopd for the remainder of 2024. Prior to the new development, Nong Yao was producing 8,900 bopd (Valeura’s working interest share).

“I am very pleased to see first production from Valeura’s first organic growth project in the Gulf of Thailand,” Valeura president and CEO Sean Guest said.

“We have executed an efficient drilling programme, which came in below budget and has achieved all of our geologic objectives, which we will now benefit from as we shore up the company’s total production output with this new production. Moreover, our drilling programme has successfully appraised several upside targets, which we expect will both contribute to reserves and resources when evaluated at year end, and may form the basis of future infill drilling to sustain volumes further into the future.”

Valeura Energy is an upstream player active in both Thailand and Turkey.