Valeura Energy is set to resume production at the Wassana field in the Gulf of Thailand. Production was temporarily halted on June 28, 2024, as a precautionary measure to inspect an anomaly found on one of the steel jack-up legs of the mobile offshore production unit (MOPU). Advanced underwater inspections, including magnetic particle inspection, revealed that the anomaly—a crack within a weld—was superficial and posed no threat to the structural integrity of the facility.
With this confirmation, the company has initiated the process to restart production operations, expecting to reach pre-suspension production rates of about 5000 barrels per day (before royalties) within the week. Valeura will maintain its rigorous safety standards, continuing regular underwater inspections to ensure the integrity of its facilities and vessels.
Sean Guest, President and CEO, expressed his satisfaction with the progress. He highlighted the swift efforts of the professional team in confirming the MOPU’s integrity, which has allowed the company to safely resume operations. Guest also mentioned Valeura’s aggressive pursuit of growth across its portfolio, including the larger-scale redevelopment of the Wassana asset. The front-end engineering and design work for this project is advancing, with the company aiming for a final investment decision by the end of 2024.
Valeura’s commitment to safety and growth remains a priority as they work towards enhancing production and expanding their operations.
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.
