Valeura reaches FID on Thailand field redevelopment

Thailand

BANGKOK, May 15, 2025 – Valeura Energy has sanctioned a USD 120-million plan to redevelop the Wassana field offshore Thailand, the company said on Wednesday.

The project will target increased output and extended field life through a new central processing platform, replacing the ageing MOPU facility.

Located in Licence G10/48, the field is expected to reach first oil in Q2 2027, with peak production of 10,000 bopd – 2.7 times current levels. The move lifts proved plus probable reserves to 20.5 million barrels, up by 18 million barrels over previous estimates.

Valeura will invest USD 40 million in 2025 and the remainder in 2026, fully funded from its balance sheet. The redevelopment pushes end-of-field life to 2043 and raises the project’s NPV10 before tax to USD 218 million, up from USD 127 million.

“Our final investment decision to pursue the Wassana redevelopment project is a milestone for Valeura. Since assuming operatorship, we have identified substantially more reserves than were initially estimated at the Wassana field,” Valeura Energy president and CEO Dr Sean Guest said. “This project is expected to significantly increase production to 10,000 barrels per day in the second half of 2027, at anticipated unit adjusted opex reflecting a reduction of approximately 2/3rds versus current rates.”

“Even in a lower oil price environment of USD 60 per barrel, the development delivers returns of approximately 40% IRR. This economic strength provides downside protection while maintaining upside potential,” he added.

Valeura Energy is a Canadian upstream company focused on the exploration, development and production of oil and gas in Southeast Asia. Its operations span Thailand and Indonesia, where it operates and partners in a range of shallow-water and onshore licences.

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