Valeura Energy, an upstream player, has recently acquired the Aurora floating storage and offloading vessel, which is currently stationed at its Nong Yao field in the Gulf of Thailand. This acquisition follows Valeura’s decision to exercise its purchase option for the vessel, previously leased from a member of the Omni Offshore Terminals group.
The transaction, valued at $19 million, was financed in cash and completed on 11 June, with the final handover taking place offshore on the vessel itself. Valeura anticipates that owning the FSO, rather than leasing it, will provide greater operational flexibility and optimise operating expenses.
The Nong Yao oilfield is situated in the G11/48 concession in the southern Gulf of Thailand, 165 kilometres off the coast, in waters approximately 75 metres deep. Valeura operates and holds a 90% interest in the G11/48 development block, with Palang Sophon owning the remaining 10%.
Oil production from the Nong Yao A and B fields began in June 2015. First production from the Nong Yao C extension is expected to commence late in the second quarter of this year, with wells drilled from two wellhead platforms. Once fully operational, the greater Nong Yao field is projected to achieve peak production rates of 11,000 barrels pe
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
